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National Audit Office (United Kingdom)
The National Audit Office (NAO) is an independent Parliamentary body in the United Kingdom which is responsible for auditing central government departments, government agencies and non-departmental public bodies. The NAO also carries out value for money (VFM) audits into the administration of public policy. Function The NAO is the auditor of bodies funded directly by the Parliament of the United Kingdom. The NAO reports to the Comptroller and Auditor General who is an officer of the House of Commons of the Parliament of the United Kingdom and in turn reports to the Public Accounts Commission, a statutory body established under section 2 of the National Audit Act 1983. The reports produced by the NAO are reviewed by the Public Accounts Committee, a select committee of the House of Commons, and in some cases investigated further. The NAO has two main streams of work: Financial Audits and Value For Money (VFM) audits. The NAO's financial audits give assurance over three as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Energy
British Energy was the UK's largest electricity generation company by volume, before being taken over by Électricité de France (EDF) in 2009. British Energy operated eight former UK state-owned nuclear power stations and one coal-fired power station. From 1 July 2010 the rebranding of British Energy locations and communications to EDF Energy commenced as part of its incorporation into the parent group, following around 17 months of dual branding. This was concluded with the renaming of the operating company from ''British Energy Generation Limited'' to ''EDF Energy Nuclear Generation Limited'' on 1 July 2011. Structure In 2009, the British Energy subsidiary group was structured accordingly: * British Energy Group plc: holding company, a wholly owned subsidiary of EDF S.A. ** British Energy Generation Ltd: dominant subsidiary; owned and ran the large power stations, was licensed to operate nuclear power stations. ** District Energy Ltd: owned four modern 10MWe natural gas-fue ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accountability
In ethics and governance, accountability is equated with answerability, culpability, liability, and the expectation of account-giving. As in an aspect of governance, it has been central to discussions related to problems in the public sector, nonprofit, private (corporate), and individual contexts. In leadership roles, accountability is the acknowledgment of and assumption of responsibility for actions, products, decisions, and policies such as administration, governance, and implementation, including the obligation to report, justify, and be answerable for resulting consequences. In governance, accountability has expanded beyond the basic definition of "being called to account for one's actions". It is frequently described as an account-giving relationship between individuals, e.g. "A is accountable to B when A is obliged to inform B about A's (past or future) actions and decisions, to justify them, and to suffer punishment in the case of eventual misconduct." Accountabi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auditor
An auditor is a person or a firm appointed by a company to execute an audit.Practical Auditing, Kul Narsingh Shrestha, 2012, Nabin Prakashan, Nepal To act as an auditor, a person should be certified by the regulatory authority of accounting and auditing or possess certain specified qualifications. Generally, to act as an external auditor of the company, a person should have a certificate of practice from the regulatory authority. Types of auditors * External auditor/ Statutory auditor is an independent firm engaged by the client subject to the audit, to express an opinion on whether the company's financial statements are free of material misstatements, whether due to fraud or error. For publicly traded companies, external auditors may also be required to express an opinion over the effectiveness of internal controls over financial reporting. External auditors may also be engaged to perform other agreed-upon procedures, related or unrelated to financial statements. Mo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exchequer And Audit Departments Act 1866
The Exchequer and Audit Departments Act 1866 ( 29 & 30 Vict. c. 39) is the Act of the Parliament of the United Kingdom under which most of the revenue from taxation, and all other money payable to the Exchequer, must be paid into the Consolidated Fund. The act "established a cycle of accountability for public funds": Public spending was authorised by the House of Commons while the public fund was controlled by the Comptroller and Auditor General who was also responsible for auditing the financial accounts produced by each government department. The Committee of Public Accounts, which had been established in 1861 by William Gladstone, was appointed to oversee the work of the Comptroller. Comptroller and Auditor General The act combined the functions of two historical job functions: *the ''Comptroller General of the Exchequer'', who had authorised the issue of public monies to departments since 1834; *the '' Commissioners of Audit'', who had traditionally presented the governm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Control
Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization. It is a means by which an organization's resources are directed, monitored, and measured. It plays an important role in detecting and preventing fraud and protecting the organization's resources, both physical (e.g., machinery and property) and intangible (e.g., reputation or intellectual property such as trademarks). At the organizational level, internal control objectives relate to the reliability of financial reporting, timely feedback on the achievement of operational or strategic goals, and compliance with laws and regulations. At the specific transaction level, internal controls refers to the actions taken to achieve a specific objective (e.g., h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Comptroller General Of The Exchequer
The Comptroller General of the Exchequer was a position in the Exchequer of HM Treasury between 1834 and 1866. The Comptroller General had responsibility for authorising the issue of public monies from the Treasury to government departments. The post was created in the ''Act to Regulate the Office of the Receipt of his Majesty's Exchequer'' of 1834, coming into effect on 11 October that year. The position merged several offices of the Exchequer together, including that of Teller of the Receipt of the Exchequer. The Comptroller General was given custody of all the records of the Exchequer of Receipt, including standard weights and measures and standard pieces of gold, silver, and copper. The inaugural Comptroller was Sir John Newport, 1st Baronet. He was replaced on 18 April 1835 by Thomas Spring Rice, 1st Baron Monteagle of Brandon, Thomas Spring Rice, later Lord Monteagle of Brandon, who also served as Chancellor of the Exchequer. Lord Monteagle retained the role after he left the C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute Of Historical Research
The Institute of Historical Research (IHR) is a British educational organisation providing resources and training for historical researchers. It is part of the School of Advanced Study in the University of London and is located at Senate House. The institute was founded in 1921 by A. F. Pollard. History Foundation The IHR was founded in 1921 by British historian Albert Pollard with the help of Eliza Jeffries Davis. Appointed professor of Constitutional History at University College London in 1903, his inaugural address, a year later, argued for the need for a postgraduate school of historical research. With a generous and anonymous donation of £20,000 from Sir John Cecil Power in 1920 towards the founding of the institute, Pollard's dream was realised. The institute was formally opened by H. A. L. Fisher on 8 July 1921. The IHR was directly administered by the Senate of the University of London, rather than being part of one of the federal colleges. It was the firs ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commissioners Of Audit
The Commissioners of Audit had responsibility from 1785 to 1866 for the auditing of public accounts in the United Kingdom. History In 1785 a ''Commission for Auditing the Public Accounts'' was established by statute, replacing the Auditors of the Imprest. Its members, the Commissioners of Audit, were five in number: three were appointed by letters patent, the other two were the Comptrollers of Army Accounts, who served ''ex officio''. (Comptrollers of Army Accounts had first been appointed in 1703, to audit the accounts of all Army regiments and paymasters; their office was later abolished, in 1835, whereupon their duties were taken over by the Commissioners of Audit.) In 1806 the Commission was reconstituted with ten commissioners (no longer incorporating the ''ex officio'' members). Over ensuing decades the size of the Commission gradually decreased as departing members were not always replaced. Under the terms of the Exchequer and Audit Departments Act 1866, the offices of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auditor Of The Imprests
Auditor of the Imprests was a profitable office of the Exchequer, responsible for auditing the accounts of officers of the English crown to whom money was issued for government expenditure, from 1559 to 1785. Foundation Prior to 1559 this duty was carried out sometimes by auditors specially appointed, at other times by the auditors of the land revenue, or by the auditor of the exchequer, an office established as early as 1314. But in 1559 an endeavour was made to systematize the auditing of the public accounts, by the appointment of two auditors of the imprests. Work Substantial sums of money had to be issued to officers such as the Treasurer of the Navy and the Paymaster-General of HM Forces. The auditors were responsible for seeing that these officers expended the money issued to them for the purposes intended. The system operation was defective. The auditors did not audit the actual expenditure of the departments administering the army and navy. Nor was there any mechanism ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exchequer
In the Civil Service (United Kingdom), civil service of the United Kingdom, His Majesty's Exchequer, or just the Exchequer, is the accounting process of central government and the government's ''Transaction account, current account'' (i.e., money held from taxation and other government revenues) in the Consolidated Fund. The term is used in various financial documents, including the latest departmental and agency annual accounts. Historically, it was the name of a British government departments, British government department responsible for the collection and the management of taxes and revenues, making payments on behalf of the sovereign, and auditing official accounts. It also developed a judicial role along with its accountancy responsibilities and tried legal cases relating to revenue. Similar offices were later created in Normandy around 1180, in Scotland around 1200 and in Ireland in 1210. Etymology The Exchequer was named after a table used to perform calculations for t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Organization Of Supreme Audit Institutions
The International Organization of Supreme Audit Institutions (INTOSAI) is an intergovernmental organization whose members are supreme audit institutions. Nearly every supreme audit institution in the world is a member of INTOSAI. Depending on the type of system used in their home country, the members of INTOSAI may be variously titled the Chief Financial Controller, the Office of the Comptroller General, the Office of the Auditor General, the Court of Accounts, or the Board of Audit. INTOSAI holds a triennial conference entitled the International Congress of Supreme Audit Institutions (INCOSAI). It publishes the quarterly '' International Journal of Government Auditing'' and publishes guidelines and international standards on auditing. History INTOSAI was founded in 1953 in Havana, Cuba. Thirty-four audit organizations formed the group originally and as of 2010 the current membership includes 193 institutions (188 national institutions, the European Court of Auditors and 4 a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
