CIPFA issues good practice guide

News Article - 06 November 2006
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The Chartered Institute of Public Finance and Accountancy (CIPFA) has issued a new good practice guide in conjunction with big four company PricewaterhouseCoopers.

With the aim of aiding and improving the management of balance sheets, the guide will help organisations to generate savings in public money, enhance information for making decisions and highlight the public value of the assets held.

CIPFA chief executive Steve Freer said: "At a time when public finances are under immense pressure and increased scrutiny, it is essential that financial and operational managers have the necessary tools to enable progressive and effective management of public money.

"Stronger balance sheet management can play an important role in generating real savings for public service organisations."

Steve Clark, a director in the government and public sector practice of PricewaterhouseCoopers LLP, said that businesses could "reap the rewards" of effective financial management and prevent errors which may lead to accounting mistakes.

CIPFA states that irregular reviews of balance sheets could bring criticism from auditors and result in financial uncertainty.

In September, CIPFA produced a guide to the damage which can be caused by fraud and how businesses can protect themselves from any harmful effects.

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