Annual Quality Monitoring Report
We prepare an annual audit quality summary report across all of our supplier firms. This report is based on our quarterly audit quality and contract monitoring reports.
We report on the three headline indicators of compliance with professional regulation, client satisfaction, and contractual compliance, with relevant supporting information.
Annual Client Survey
As part of our contract monitoring we undertake an annual survey of audited bodies to obtain their feedback on their audits of accounts.
To assure independence and confidentiality, we commission the LGA’s Research & Information team to administer the survey centrally. The views of both Chief Finance Officers (CFOs) and Audit Committee Chairs are sought recognising the importance of the auditor’s relationships with both Management and Those Charged With Governance. The survey questions are designed to probe more deeply into respondents’ experience of different aspects of the audit and the auditor’s performance.
Prior to 2018/19, surveys were undertaken by the audit firms themselves by seeking the responses of client CFOs to a relatively small number of high level questions.