The financial watchdog is to have its own accounts scrutinised, with the appointment of the National Audit Office as its auditor. In a Hansard recorded statement on 22 October, MP Sarah McCarthy-Fry said: 'The NAO has a valuable role to play in delivering transparency and accountability, so I am pleased to announce today that the Financial Services Authority has decided to appoint the Controller and Auditor General as its financial auditor from the nest financial year, 2010-11'. She added that will enable the Public Accounts Committee to receive and investigate reports into aspects of the economy, efficiency and effectiveness of the FSA's performance. The move has been welcomed by the Association of Independent Financial Advisers. 'With a budget that has rocketed to nearly half a billion pounds (£437m) a year, it's critical that the FSA is held to account,' said director general of AIFA Chris Cummings. 'We have always said that, as a statutory body, the FSA must be more transparent and clearly demonstrate value for money. The appointment of the NAO ensures that the PAC can fully scrutinise FSA's performance on a regular basis.'