CPA UK, in consortium with the UK National Audit Office (NAO) and the UK Government Internal Audit Agency (GIAA), will work with the UK Overseas Territories (UKOTs) to manage and implement a three year project on public financial oversight.
Funded by the HMG-wide Conflict, Stability and Security Fund (CSSF), CPA UK and partners will work with the Overseas Territories to deliver a series of activities focused on providing technical assistance, training and mentoring to support and encourage effective public financial management.
What are the UK Overseas Territories?
There are a total of 14 Overseas Territories that have retained a constitutional link with the UK. They are inhabited by around 300,000 citizens and cover a combined area seven times that of the UK.
While most are largely self-autonomous, with their own governments and legislative bodies, the Overseas Territories have a strong relational tie to the UK, which assumes responsibility for defence and foreign relations. In a wider sense, the UK also sees its role as “to promote the political, economic, social and educational advancement of the people of the Territories”.
The Overseas Territories – a number of which are in the remotest parts of the world – are particularly vulnerable to the global challenges of financial insecurity and a changing environment. Therefore supporting and developing effective public financial management is a key means to ensure that they build strong and resilient economies that provide for their citizens.
Seeking to strengthen the Overseas Territories’ scrutiny of public spending, the UKOT Project will focus on three areas: internal audit; external audit; and parliamentary oversight of public finances. The project activities will be varied, with approaches tailored to the individual needs of specific Territories.
A Management Board has been established to oversee the project, to be chaired by the Rt Hon. Lord Foulkes of Cumnock and with Andrew Rosindell MP serving as Vice Chair. The Members are joined by representatives from CPA UK – as the lead consortium partner – and a senior representative from the Overseas Territories Directorate at the Foreign and Commonwealth Office (FCO).
Good Practice Guide
The UK National Audit Office (NAO) has worked in partnership with the FCO Overseas Territories Directorate to produce a Good Practice Guide on effective oversight of public finances in the United Kingdom Overseas Territories. The Good Practice Guide sets out three key responsibilities for the following groups: public servants, internal audit, external audit, and the public accounts committee. The UK Overseas Territories Project seeks to facilitate the implementation of areas of good governance identified in the Good Practice Guide.
Download the Good Practice Guide here.