Why do audit firms use the same auditing standards as the private sector on public bodies?

The Code of Audit Practice (COAP) sets out what local auditors of relevant local public bodies are required to do to fulfil their statutory responsibilities under the Local Audit and Accountability Act 2014.

Local auditors must comply with the COAP. Para 2.6 requires auditors to apply the extant auditing standards set for the UK by the Financial Reporting Council as the relevant regulatory body and applicable at all audits both corporate and public sector.