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Organisation criticised for financial management
10/04/2007
An audit commission report has criticised the financial management of an organisation for weaknesses in financial reporting, standing, management and internal control, according to reports.
Yarmouth Borough Council has been awarded ratings of one out of four for the abovementioned areas, while it was given a rating of just two out of four for value for money, emphasising the need for organisations and businesses to get their finances in order.
"We have had issues around financial management. In particular, we had a very old ledger system in place which did not allow us to do as much as we could on financial reporting," said resources director Jane Ratcliffe, according to the Norwich Evening News.
However, Ms Ratcliffe also stressed that the organisation is working on turning things around, using a new ledger system costing £350,000, something that has already begun to yield results.
"The auditor said we are moving in the right direction and by next year we will have turned it around," Ms Ratcliffe added.
Yarmouth Borough Council has been awarded ratings of one out of four for the abovementioned areas, while it was given a rating of just two out of four for value for money, emphasising the need for organisations and businesses to get their finances in order.
"We have had issues around financial management. In particular, we had a very old ledger system in place which did not allow us to do as much as we could on financial reporting," said resources director Jane Ratcliffe, according to the Norwich Evening News.
However, Ms Ratcliffe also stressed that the organisation is working on turning things around, using a new ledger system costing £350,000, something that has already begun to yield results.
"The auditor said we are moving in the right direction and by next year we will have turned it around," Ms Ratcliffe added.