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Management and Finances
Oversight - The Treasury/External Audit
HM Treasury: The Duchies of Lancaster and Cornwall (Accounts) Act 1838 gave the Treasury a role to ensure that actions taken by any Duke when managing the Duchy cannot compromise the long term value of the estate. For this reason the Treasury must, for example, approve all property transactions with a value of £200,000 or more.
The Duchy’s annual accounts are laid before the House of Commons and the House of Lords so that Parliament can be satisfied that the Treasury is fulfilling its statutory responsibilities.
External Audit: The Duchy is audited by independent external auditors. The position of auditor is a personal appointment. The current auditor is Graham Ward CBE who is a partner in PriceWaterhouseCoopers LLP, who provide the resources to conduct the audit and to whom the audit fee is paid. The Duchy is not audited by the National Audit Office because it is a private estate not a publicly owned entity.
It is the auditor’s responsibility to audit the financial statements in accordance with relevant legal and regulatory requirements and UK Auditing Standards issued by the Auditing Practices Board, and report to the Duke whether, in his opinion, the financial statements give a true and fair view and are properly prepared in accordance with the Accounts Direction given by the Treasury. The auditor’s report to the Duke can be read as part of each year’s accounts, available here.