Department for the Economy 2024–25 Accounts
Date published:
Permanent Secretary at the Department for the Economy, Ian Snowden, has commented on the 2024–25 Group Annual Report and Accounts, which were laid in the Assembly today.
For the second year, these accounts have been disclaimed by the Comptroller and Auditor General (C&AG).
Mr Snowden said: “This outcome was expected. However, we continue the work that is needed to rectify complex and historic accounting issues.”
The Department’s accounts are particularly complex, including contributions from 19 bodies, with varying accounting practices, currencies and reporting periods.
He added: “The Department has made progress in the last 12 months. This year, the accounts have been certified and laid on time, and the improvements in the quality of the accounts have been recognised by the Audit Office.
“That said, I fully recognise the seriousness of the issues highlighted by the Audit Office and I am committed to addressing all issues, urgently and thoroughly and I want to thank the Audit Office for their commitment to working collaboratively with the Department.”
Over the past year, the Department has taken substantial steps to strengthen financial governance and reporting.
This has included timely submission and enhanced quality of the accounts, creation of dedicated financial reporting roles, improved training, enhancements to the group accounts methodology, and an IT system to streamline processes.
A new issue identified by the Audit Office this year is delays and quality issues in the information supplied by the Northern Regional College.
Mr Snowden added: “The Department has increased direct engagement with NRC’s Governing Body, Accounting Officer and senior management team, appointed a Chair with strong experience in addressing governance issues, and introduced a new oversight regime.
“These measures lay the foundation for a stronger, more compliant position in 2025–26 and beyond.
“The Department remains fully committed to strengthening financial governance and delivering high standards of accountability to the Assembly and the public.”
Notes to editors:
1. Two of the reasons which have given rise to the disclaimer are limitations in assurance over opening balances, because of a lack of information on prior year adjustments dating back to 2022. And concerns around the reliability of the current student loan valuation model – also featured in last year’s report from the Comptroller and Auditor General.
2. The C&AG has advised that the issues with the prior year adjustments will continue to affect the department’s accounts for several years. A new student loan valuation model will be adopted from April 2026.
3. For media enquiries contact the Department for the Economy Press Office at pressoffice@economy-ni.gov.uk
4. The Executive Information Service operates an out of hours service for media enquiries only between 1800hrs and 0800hrs Monday to Friday and at weekends and public holidays. The duty press officer can be contacted on 028 9037 8110.
5. To keep up to date with news from the Department for the Economy, you can follow them on the following social media channels:
- X – @Economy_NI
- Facebook – @DeptEconomyNI
- Instagram – economy_ni
- LinkedIn – Department for the Economy NI