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SCOTS URGED ON STANDARDS OF ACCOUNTING

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The Accounts Commission in Scotland is pressing councils to adhere more strictly to accepted accounting principles....
The Accounts Commission in Scotland is pressing councils to adhere more strictly to accepted accounting principles.

Last week commission chairman Ian Percy said it would be examining the need for a set of core accounting principles relating to the creation of arm's-length companies and trusts.

The private finance initiative would also come under scrutiny. 'I welcome such initiatives to seek new ways of involving private sector finance and methods, but I have a concern that public accountability should not be weakened,' he said in his foreword to the commission's annual report.

The 1994-95 report reveals that the number of audit certificates which had to be qualified fell from 26 to 15 compared with the previous year.
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