Industry Wales receives clean bill of health from Audit Wales

The Board of Directors for Industry Wales, also known as the Sector Development Wales Partnership, has issued the following concerning Audit Wales’ unqualified opinion on the organisation’s accounts for financial year 2024-25.

“The Board welcomes the publication of Audit Wales’ unqualified opinion on the 2024–25 accounts. This marks a significant development for the organisation and reflects a period of extensive work by the executive team and staff to resolve all matters raised during the previous year’s audit.

“Audit Wales has confirmed that the issues identified in 2023-24, including procurement compliance and asset valuation, have now been fully addressed.

“No uncorrected misstatements were identified, and no further recommendations have been issued. This level of assurance, delivered within a single audit cycle following a disclaimed opinion, is unprecedented within the Welsh public sector.

A clean bill of health for Industry Wales. Source: Audit Wales

“The Board acknowledges the constructive and professional engagement with Audit Wales throughout this process. The experience has offered learning opportunities for all parties and has strengthened the organisation’s governance framework.

“As Industry Wales approaches its planned dissolution in March 2026, the Board remains committed to ensuring that advanced manufacturing and other strategic industrial sectors continue to receive the coordinated support they require.

“The Board is proud of the resilience demonstrated by the executive team and staff throughout this challenging period.”

Following its examination of Industry Wales’ accounts, Audit Wales also stated:

• There are no significant matters to report

• There are no uncorrected misstatements in the accounts, and

• There are no recommendations to make

An ‘unqualified opinion’ is effectively a clean bill of health from Audit Wales with no issues to address.

The full report on Industry Wales’ accounts for 2024-25 is available on the Audit Wales website.

The certified accounts of Industry Wales, also known as Sector Development Wales Partnership Ltd, can be found here.

ENDS