Audit Commission loses 10 Million in Iceland Crash

Stunning the Audit Commission who really should know better, have apparently lost £10m in the Iceland Banks crash. Somewhat humiliating for a watchdog whose remit is

The Audit Commission is an independent watchdog, driving economy, efficiency and effectiveness in local public services to deliver better outcomes for everyone.

Our work across local government, health, housing, community safety and fire and rescue services means that we have a unique perspective. We promote value for money for taxpayers, covering the £180 billion spent by 11,000 local public bodies.

As a force for improvement, we work in partnership to assess local public services and make practical recommendations for promoting a better quality of life for local people.

Apparently they have five strategic objectives as follows

• to raise standards of financial management and financial reporting;
• to challenge public bodies to deliver better value for money;
• to encourage continual improvement in public services so they meet the changing needs of diverse communities and provide fair access for all;
• to promote high standards of governance and accountability; and
• to stimulate significant improvement in the quality of data and the use of information by decision makers.

Number 1 appears to be a bust now!

Perhaps this will help the government to understand how LGA's manage to lose so much money investing in Icelandic Banks.

Financial crisis: Oxford University and Audit Commission fall victim to banks - Telegraph