It seems that all is not well in the London Development Agency (LDA), the body tasked with ensuring that there is some form of meaningful legacy from the 2012 London Olympics (aside from the burnished glow of politicians' egos).
The LDA auditors, audit committee and new finance director met at the LDA's audit, risk and performance committee last week. During this meeting, according to Accountancy Age, concerns were raised about the LDA's ability to file its next accounts on time.
Hardly stellar performance from what is meant to be a "professional" organisation!
However, this lack of professionalism should come as no surprise. The Audit Commission for the last two years running has criticised the poor quality of the LDA's accounts.
The reason that the LDA probably won't file its accounts on time is because (according to its CFO Ian Grattidge) it lacks technical accounting ability, and needs deeper financial understanding embedded within its business.
Grattidge is quoted by Accountancy Age:
"I want to see financially literate people across the business."
As with all Nu Labour projects, the quality of Olympics spin was always high. However, the technical abilities of those actually entrusted with delivering the spin sadly lacking.
Good luck to Grattidge, this smacks of Groundhog Day; as these issues have been raised before, without satisfactory resolution.
Olympic Medals won during the Beijing 2008 Olympics
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