Concerns over the inability to fully account for schools assets valued at £31bn and uncertainty over the financial integrity of academy schools were among the reasons spending watchdogs qualified the third set of Whole of Government Accounts (WGA).

For the third year in succession, the National Audit Office (NAO) found the WGA – which set out the combined accounts of more than 1,500 public bodies for 2012/13 – failed to provide a complete picture of the Government's liabilities and assets.