Local Government Review — May 2014: Local Audit and Accountability Act under scrutiny
Shortly after coming into power in 2010, as part of its drive to reduce the number of public bodies and to save taxpayers’ money, the coalition government announced its intention to close the Audit Commission. True to its word, the government began stripping the Audit Commission of its powers, scrapping its inspections and outsourcing its contracts, and then introduced the Local Audit and Accountability Bill to Parliament in May 2013. The bill was passed on 30 January 2014 and is beginning to take effect. Its main purpose is to put in place a new audit framework for local public bodies in England, but there are a number of other provisions, hidden away towards the end under ‘Miscellaneous’, which are arguably of greater interest.
The legislation underpinning the existing audit regime, including the Audit Commission Act 1998, is repealed. Instead, local public bodies in England, such as county and district councils, fire and rescue authorities and clinical commissioning groups, will have to appoint their own independent auditors, similar to the audit requirements on companies and charities. The auditors will be regulated by the appropriate professional accountancy regulators and the Financial Reporting Council will have overall supervision, mirroring the arrangements under the Companies Act 2006.
The scope of the audit itself will remain very similar to the current audit. Auditors will have to comply with a code of practice and have regard to guidance. The code and guidance are being developed by the National Audit Office…
Click on the link below to read the rest of the Walker Morris briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Walker Morris
News from The Lawyer
Briefings from Walker Morris
Justin Coley shares his observations arising from the amended forms N120 (Particulars of Claim for mortgaged residential premises) and N123 (Mortgage pre-action protocol checklist).
In Cowling v Worcester Community Housing Ltd, errors by the court have left a tenant in difficulties in a recent residential service charge challenge.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.