Parliament's spending watchdog, the public accounts committee (PAC), has warned that poor-quality financial information supplied by academy schools is undermining the Government's financial reporting.

Issued in response to the Treasury's publication of the first Whole of government accounts covering the financial year 2009/10, a PAC report this week states that information provided by academies – which received £1.2bn of government funding and held assets worth £2.2bn – was ‘generally poor'.