An independent assessment says standards of financial reporting and control at Great Ormond Street Hospital are good.
The Auditors Local Evaluation (ALE) for Great Ormond Street Hospital has been announced. It is at Level 3, "consistently performing above minimum requirements". The Trust is pleased with the improved result. Last year Great Ormond Street Hospital only achieved Level 2, which was meeting all "minimum requirements"
The ALE process requires auditors to reach scored judgements for five themes: financial reporting; financial management; financial standing; internal control; and value for money.
Chief Executive Dr Jane Collins said
“As a Trust, we face a number of significant financial challenges. But we need to have good management to deal with them. Our new finance director has built on work from her predecessor, together with the whole management team. We have improved cash flow and cash management, and we have had an excellent pilot of service line reporting, which will allow clinicians for the first time genuinely to understand and control the costs of what they do.
Strong financial management is about ensuring we have resources to treat patients well, and to treat as many, as efficiently, as we can.
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