Briefing / Year-end survey 2021/22
The survey revealed the following key points:
• there are tensions between NHS bodies and their auditors – some of that seems to be due to a lack of understanding of each other’s requirements but the timetable, changes to the financial regime, workloads and staffing issues exacerbate problems
• everyone is keen to reduce the time taken to prepare and audit the accounts but there is a concern that return to the pre-recess laying of the consolidated accounts is not possible
• the application of international auditing standard (IAS) 315 is expected to impact on the time needed for the audit in 2022/23
• this year’s accounts were made more difficult by the additional reporting requirements for ICS/ ICBs and the clash of deadlines for the annual plan and annual accounts return
• the financial regime, in particular late allocations, does not support the proper application of IFRS 15 in terms of income recognition
• NHS bodies experienced issues with their valuation this year which slowed the finalisation of the accounts
• the application of IFRS 16 leases is expected to be a key issue in 2022/23
• remuneration reporting remains difficult – particularly the new fair pay disclosures and arrangements where staff work across NHS bodies.
• there are tensions between NHS bodies and their auditors – some of that seems to be due to a lack of understanding of each other’s requirements but the timetable, changes to the financial regime, workloads and staffing issues exacerbate problems
• everyone is keen to reduce the time taken to prepare and audit the accounts but there is a concern that return to the pre-recess laying of the consolidated accounts is not possible
• the application of international auditing standard (IAS) 315 is expected to impact on the time needed for the audit in 2022/23
• this year’s accounts were made more difficult by the additional reporting requirements for ICS/ ICBs and the clash of deadlines for the annual plan and annual accounts return
• the financial regime, in particular late allocations, does not support the proper application of IFRS 15 in terms of income recognition
• NHS bodies experienced issues with their valuation this year which slowed the finalisation of the accounts
• the application of IFRS 16 leases is expected to be a key issue in 2022/23
• remuneration reporting remains difficult – particularly the new fair pay disclosures and arrangements where staff work across NHS bodies.
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