21 July 2014 by Alexandra Jones
A consultation on statutory regulations and guidance for local public audits has been issued by the Financial Reporting Council (FRC), as part of the new regulatory framework for local public audit in England and Wales.
The new framework, the Audit and Accountability Act 2014, provides for the abolition of the Audit Commission. It sets out new regulations for auditors of local public bodies that reflect the current framework for the regulation of company auditors.
The Audit and Accountability Act 2014 provides for the abolition of the Audit Commission and establishes a new framework for the regulation of auditors of local public bodies that reflects the current framework for the regulation of company auditors.
The Government has asked the FRC to take on the following responsibilities:
The consultation document seeks views on statutory requirements:
Paul George, Executive Director, Conduct commented: ‘This consultation seeks to strike an appropriate balance between recognising the particular challenges of local public audit and consistency with the arrangements for regulating company auditors. We would welcome views in particular from local public bodies.’