On 9 January 2024 new Global Internal Audit Standards were issued, which will become effective from 9 January 2025. They will replace the International Professional Practice Framework, the mandatory elements of which are the basis for the current UK public sector internal auditing standards. The UK Public Sector Internal Audit Standard Advisory Board (IASAB) issued […]
This edition of our quarterly e-bulletin includes news of our new Chair, our response to consultations to address the audit backlog, an update relating to fee variation proposals for the revised ISA 315, and a summary of local audit news from elsewhere. We hope that you continue to find our e-bulletin to be useful. We […]
The updated ISA 315 applies to all audited bodies from 2022/23 audits onwards, however the impact for each body type is expected to be variable. The significant changes in ISA 315 result in additional audit requirements that auditors must deliver to meet the Code of Audit Practice. When we published the 2023/24 scale fees in […]
Our revised contractual mechanics were set in 2022 to encourage all firms to complete and deliver audits on as timely a basis as possible. When we developed them the Auditor’s Annual Report (AAR) was expected to be the final piece of the annual audit jigsaw (unless there was a change in auditor between 2022/23 and […]
On 25 March the FRC published its plan and budget for 2024/25.
At the beginning of February 2024, DLUHC and the NAO launched consultations on proposals with the aim of restoring timely, high-quality financial reporting and audit. PSAA has:
CIPFA recently launched its consultation on short term England-only measures in the Code of Practice on Local Authority Accounting. The proposals are to aid the recovery of local authority reporting and audit as set out in a Joint Statement from DLUHC and other system partners issued in February 2024. The consultation closes at 11pm on […]
We are pleased to announce the appointment of our new Chair, Bill Butler, who will take up the role from 1 April 2024. The LGA has issued the following press release detailing the announcement. On behalf of the PSAA Board and staff, we sincerely thank Steve Freer, our outgoing Chair, for his immense contribution and […]
We are pleased to present our Annual Quality Monitoring Report for 2023. Given the issues related to the local audit and reporting backlog, our report covers the work of local auditors appointed by PSAA for the 2021/22 and 2022/23 financial years and provides relevant related information. We provide information from our quality monitoring arrangements on […]
Our next Local Audit Quality Forum event will take place on 28 February from 11.30am to 1pm. This webinar is aimed at s151 Officers and Audit Committee (and equivalent) Chairs. As the deadline approaches for the DLUHC and NAO consultations on proposals to tackle the backlog in local audit and reporting, this webinar will provide […]