| answer text |
<p>The Department oversees the governance, performance, strategy and financial arrangements
of Arm’s-Length Bodies (ALBs) via several mechanisms, which are applicable to both
regulatory bodies and non-departmental public bodies (NDPBs).</p><p> </p><p>The relationship
between an ALB and the Department is established through a framework document, in
line with the Managing Public Money guidance - <a href="https://www.gov.uk/government/publications/managing-public-money"
target="_blank">https://www.gov.uk/government/publications/managing-public-money</a>:
“3.8.2 The framework document (or equivalent) agreed between an ALB and its sponsor
always provides for the sponsor department to exercise meaningful oversight of the
ALB’s strategy and performance, pay arrangements and/or major financial transactions,
e.g. by monthly returns, standard delegations and exception reporting. The sponsor
department’s accounts consolidate those of its ALBs so its accounting officer must
be satisfied that the consolidated accounts are accurate and not misleading”.</p><p>
</p><p>A NDPB is required to submit to their sponsoring department, an annual report
and audited accounts prepared in accordance with the relevant statutes and guidelines.
The annual report and accounts provide the sponsoring department with information
about the financial and non-financial performance of the NDPB. In addition, they will
state if the NDPB has met key performance indicators as set out in their business
and corporate plans. The report and accounts are laid in Parliament and, where commercially
possible, made available on the NDPB’s website.</p><p> </p><p>In addition to these
processes, the Department runs an Annual Assurance Assessment, holds Quarterly Accountability
Reviews with the bodies and attends the bodies’ Audit and Risk Committees.</p><p>
</p>
|
|
