Chapter 2 - The Insolvency Service

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Chapter 4 progress has been made: there was a need for the Directing Board to agree revisions to the Agency risk matrix and risk appetite. This was undertaken during the year and Corporate Governance Section will be publishing guidance on implementation at operational level on the intranet; there was a need for the role of the senior management team to be formally documented and evaluated. Evaluation is being achieved through the appraisal system and the need to formally document the role of the senior management team was considered to be disproportionate in view of the size of the team. The role is documented through the production of standard agendas and the output of regular meetings being communicated to all staff either through a process of cascading the information and/or by the publication of minutes; and there was a need for appropriately qualified and experienced staff to deal with a rising workload. During the year the contracts for the supply of agency staff were re-tendered and new arrangements to use existing staff to cover higher-grade work were implemented to ensure that appropriately qualified and experienced staff were available to deal with a rising workload. The risk has also been managed by an increased level of supervision of new staff. The awareness and application of risk management continues to improve across the Agency. There were no significant internal control issues during the course of 2005-06 but where weaknesses in the control environment are identified, action to strengthen control has been taken or is planned. The Internal Audit review of the effectiveness of internal control did, however, highlight a number of priority areas where further improvement is required during 2005-06. These are as follows: the need to embed the balanced scorecard into the Agency to monitor progress against performance and highlight where action may be required. This will be done by publishing to all staff the principles and the plans and timescales for introducing the reporting protocols. The responsibility for developing local scorecard, will be allocated to named individuals; and enhance the preventative controls on the BANCS and LOLA IT systems to reduce the risk of unauthorised access to the key datasets and transactions. Desmond Flynn Chief Executive 10 July 2006 61
Chapter 4 THE CERTIFICATE AND REPORT OF THE COMPTROLLER AND AUDITOR GENERAL TO THE HOUSE OF COMMONS I certify that I have audited the financial statements of The Insolvency Service Executive Agency for the year ended 31 March 2006 under the Government Resources and Accounts Act 2000. These comprise the Income and Expenditure Account, the Statement of Total Recognised Gains and Losses, the Balance Sheet, the Cashflow Statement and the related notes. These financial statements have been prepared under the accounting policies set out within them. Respective responsibilities of the Agency, the Chief Executive and auditor The Agency and Chief Executive are responsible for preparing the Annual Report and the financial statements in accordance with the Government Resources and Accounts Act 2000 and HM Treasury directions made thereunder and for ensuring the regularity of financial transactions. These responsibilities are set out in the Statement of Accounting Officer's Responsibilities. My responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements, and with International Standards on Auditing (UK and Ireland). I report to you my opinion as to whether the financial statements give a true and fair view and whether the financial statements and the part of the Remuneration Report to be audited have been properly prepared in accordance with HM Treasury directions issued under the Government Resources and Accounts Act 2000. I also report whether in all material respects the expenditure and income have been applied to the purposes intended by Parliament and the financial transactions conform to the authorities which govern them. I also report to you if, in my opinion, the Annual Report is not consistent with the financial statements, if the Agency has not kept proper accounting records, if I have not received all the information and explanations I require for my audit, or if information specified by relevant authorities regarding remuneration and other transactions is not disclosed. I review whether the statement on pages 58 to 61 reflects the Agency's compliance with HM Treasury's guidance on the Statement on Internal Control, and I report if it does not. I am not required to consider whether the Accounting Officer's statements on internal control cover all risks and controls, or to form an opinion on the effectiveness of the Agency's corporate governance procedures or its risk and control procedures. 62
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Annual Report and Accounts 2005-06
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Contents Contents Chapter Page 1. C
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Chapter 1 The Service's new financi
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Chapter 1 deployed. The Insolvency
Page 11 and 12: Chapter 2 Steering Board The Steeri
Page 13 and 14: Chapter 2 Directing Board The Inspe
Page 15 and 16: Chapter 2 Case administration incom
Page 17 and 18: Chapter 2 2.3 Enforcement & Investi
Page 19 and 20: Chapter 2 BRO/BRU Allegations Break
Page 21 and 22: Chapter 2 83 Disqualification Orde
Page 23 and 24: Chapter 2 DTI and the changing reso
Page 25 and 26: Chapter 2 Number of Claims for Redu
Page 27 and 28: Chapter 2 Debt Relief Orders Most p
Page 29 and 30: Chapter 2 existing legislation and
Page 31 and 32: Chapter 2 Prior to 1 April 2004 ins
Page 33 and 34: Chapter 2 the number of statements
Page 35 and 36: Chapter 2 Future Developments A pro
Page 37 and 38: Chapter 2 problems arising from
Page 39 and 40: Chapter 2 The Adjudicator concluded
Page 41 and 42: Chapter 2 Payments to suppliers In
Page 43 and 44: Chapter 2 Disabled Persons As an eq
Page 45 and 46: Chapter 2 displays in offices of
Page 47 and 48: Chapter 2 The use of The Service's
Page 49 and 50: Chapter 2 We aim to use our natural
Page 51 and 52: Chapter 3 Service Contracts Civil s
Page 53 and 54: Chapter 3 Remuneration of Steering
Page 55 and 56: Chapter 3 The non-executive Steerin
Page 58 and 59: Chapter 4 Accounts STATEMENT OF THE
Page 60 and 61: Chapter 4 ongoing process designed
Page 64 and 65: Chapter 4 I read the other informat
Page 66 and 67: Chapter 4 Income and Expenditure Ac
Page 68 and 69: Chapter 4 Balance Sheet As at 31 Ma
Page 70 and 71: Chapter 4 Notes to the Accounts For
Page 72 and 73: Chapter 4 1(k) 1(l) Early departure
Page 74 and 75: Chapter 4 2(c) Segmental reporting
Page 76 and 77: Chapter 4 The wages and salaries co
Page 78 and 79: Chapter 4 6 Tangible fixed assets A
Page 80 and 81: Chapter 4 11 Lease obligations Comm
Page 82 and 83: Chapter 4 Included within the Gener
Page 84 and 85: Chapter 4 17 Contingencies Banking
Page 86 and 87: Annex A Health and Safety Report RE
Page 88 and 89: Annex B Glossary Assets Property av
Page 90 and 91: Annex B Interim receiver The court
Page 93: Printed in the UK for The Stationar
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Chapter 2 - The Insolvency Service

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