Audit Commission Annual Report

Year ended October 2002Annual reportiThe Auuddiitt CCommission pprroommotes the beesstt uuse of public mmoonneey by ensurinngg tthhe proper stewwaarrddship of publliicc ffiinnances and byy hheelping thoseresponnssiibblle for public sseerrvviicces to achievvee eecconomy, efficiieennccy and effectiivveenneess.The Commission was established in 1983 to appoint and regulate the external auditors of local authorities in England and Wales. In 1990 its rolewas extended to include the NHS. In April 2000, the Commission was given additional responsibility for carrying out best value inspections ofcertain local government services and functions. Today its remit covers more than 15,000 bodies which between them spend nearly £125 billionof public money each year. The Commission operates independently and derives most of its income from the fees charged to audited bodies. Itsfindings and recommendations are communicated through a wide range of publications and events.The Audit Commission is firmly committed to providing value for money across all its regulatory and watchdog activities. Through its emphasison Strategic Regulation the Commission believes that all audit and inspection activity should be proportionate to risk, and tailored to meetassurance and improvement requirements in a costffective way. All regulators should work together to maximise the benefit to the public andservice users, and to minimise the cost of regulation and compliance for those whose ...