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This experience is similar to that of SEPA (Scottish Environmental Protection Agency), whose accounting records had to be recreated from bank statements and HMRC records, leaving auditors unable to fully examine SEPAs finances, including 42 million of contract income. In local authorities, transparency is extremely important.
Recently, David Bailey – who is the Executive Director, UK Deposit Takers Supervision, and responsible for PRA’s supervision of the UK’s banks, building societies, and credit unions – made a speech surrounding his initial observations and a few challenges organizations are facing.
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