Forensic Audit Panel

On 8 May 2008, the Mayor announced the formation of a Forensic Audit Panel. Patience Wheatcroft, currently Non Executive Director of Barclays PLC and Shaftesbury PLC, is heading the panel.

The Panel's interim report can be downloaded using the links on the right of this page.

Audit priorities

The work of the panel will focus on :

investigating the way money is managed and controlled in the GLA and London Development Agency (LDA)
recommending procedures to guarantee honesty and transparency
identifying areas where efficiencies can be made and resources redirected to the new Mayor's priorities.

The LDA review will examine and reach conclusions on internal controls and management approval processes. An internal audit will scrutinise:

allegations of mismanagement and corruption in the awarding of grants
recording and detection of conflicts of interest
anti-fraud and due diligence processes
monitoring whether grant recipients deliver what they promised.
corporate governance and control
risk assessment processes
internal personal performance appraisal system.

The review will include a full line-by-line balance sheet review plus a risk-weighted review of all grants.

The review of the GLA will focus on:

publicity and advertising expenditure
the use of external consultants and agency staff
all areas where expenditure has grown since 2004.

The audit will include a review of budget setting process and objectives.