A forensic audit team has been formed by new mayor Boris Johnson to investigate financial affairs at the Greater London Authority and London Development Agency.
The panel, which will be headed up by accomplished business journalist Patience Wheatcroft , will be scrutinizing the procedures and controls at both organizations with a view to improving transparency and identify areas where management can be tightened up.
The review of the LDA will focus on allegations of mismanagement and corruption in the awarding of grants. Other focus points include:
The monitoring of grant recipients' performance in delivering what they promised.
The review of the GLA will focus on all areas where expenditure has grown since 2004, while public and advertising costs and the use of external consultants and agency staff are also to be heavily scrutinized.
The panel is expected to present its initial findings and a progress report to Mr Johnson within the next month with a final report due within 60 days.
Having pledged to bring more transparency to the affairs at City Hall during his campaign, Mr Johnson said the review would help deliver value for money to London taxpayers.
"I was elected on a promise to provide Londoners with better value for money from their taxes," he said.
"I am delighted to have recruited some of the most capable and experienced people in the Capital to scrutinise recent performance at the LDA and GLA and suggest ways to prevent mismanagement and waste in future."
The other members of the panel include Aimex International boss Patrick Frederick, who is also a former operations head for JPMorgan.
There are also two council leaders, Stephen Greenhalgh and Edward Lister, on board the panel while PricewaterhouseCoopers forensic accountant Andrew Gordon will act as independent expert advisor.
1:15pm Thursday 8th May 2008
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CommentPosted by: Petru Clej, Birley Road, Whetstone on 1:25pm Fri 9 May 08
I am quite confident that the devastating findings of the Channel 4 documentary - which have played a major role in Ken's downfall - will be confirmed. You can't fool all the people, all the time.
I am quite confident that the devastating findings of the Channel 4 documentary - which have played a major role in Ken's downfall - will be confirmed. You can't fool all the people, all the time.
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