Audit Quality Monitoring Report 2018/19

Public Sector Audit Appointments Limited (PSAA) is an independent company limited by guarantee incorporated by the Local Government Association in August 2014.

The Secretary of State specified PSAA as an appointing person for principal local government bodies from 2018/19, under the provisions of the Local Audit and Accountability Act 2014 and the Local Audit (Appointing Person) Regulations 2015.

 

Actions

The FRC report contains the firms’ responses to its findings. All highlight the ongoing investment that they are making to their audit training and procedures and the firms’ oversight of the process. Some are undertaking Root Cause analysis to identify and understand the drivers for the identified poor quality audit work. This will be used to make changes to training, work programmes and review processes.

Where necessary the FRC will assess the firms local audit quality action plan and decided whether any additional procedures or increases audit reviews are required at individual firms.

We will be discussing with all firms the results of the reviews and the responses that they are putting in place. We meet with all firms on a regular ongoing basis to discuss delivery of the contract and the quality of audit service provided.

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