There are no direct repercussions for the audited body, but we recognise the problems that delayed audits cause. The Accounts and Audit Regulations 2015 set out the requirements for publishing accounts. There is a statutory deadline for the publication of audited financial statements, but this is only applicable when the body has audited accounts to […]
DLUHC previously consulted on fee variation arrangements for changes in audit requirements that relate to the conduct of all or most audits and where a standard cost can reasonably be estimated across groupings of bodies. Based on the positive response to that consultation, DLUHC enabled the changes by updating the Local Audit (Appointing Person) Regulations […]
PSAA has a robust process to review all fee variations submitted. The process is carried out diligently in line with the expectations of the Local Audit (Appointing Person) Regulations 2015 (Regulation 17(2)). PSAA is conscious that when a determination is made it is legally binding on both an auditor and the audited body, and that it is public […]
As at March 2023, the nine registered firms are: Azets Audit Services, BDO, Bishop Fleming, Deloitte, EY, Grant Thornton, KPMG, Mazars and PWC. The ICAEW maintain the list of registered auditors.
The introduction of IFRS was a government decision in 2007 ‘to improve consistency and comparability’ and ‘to follow private sector best practice’. CIPFA recognises how complicated accounts have become and DLUHC has committed to looking at what can be done to make them more accessible. Please note that the implementation of IFRS16 has been delayed […]
We recognise that as part of the drive to improve audit quality the FRC is encouraging use of experts such as valuers, and audit firms can claim additional fees for appropriate use via the fee variations process.
We have spoken and written often of the systemic issues facing the local audit system in the communications sent to S151 officers and Audit Committee Chairs, and we will continue to do so. We are also an active member of the Local Audit Liaison Committee, chaired by the FRC from May 2023 and attended by […]
The evaluation ratio of 80% quality and 20% price for an audit services procurement is consistent with other recently let public sector audit procurement contracts. It differs from our approach to the 2017 procurement as our market intelligence was that firms would not engage with bodies that did not value audit and used ratios of […]