Proposed backstop date of 30 September 2024 would force auditors to qualify or disclaim local authority financial statements if councils cannot resolve accounting issues in time.
The Levelling Up, Housing and Communities Committee has delivered a landmark report that will transform local authority financial statements, says ICAEW’s Alison Ring.
Department keeps under review or rejects several recommendations made by the Levelling Up, Housing and Communities Committee inquiry into financial reporting and audit in English local authorities.
Alison Ring, ICAEW Director Public Sector and Taxation, says we must take a once-in-a-generation opportunity to fix long-standing underlying problems with the way local government financial statements are used.
ICAEW sets out its vision for local audit, making the case for better financial reporting, high quality and more timely audits, stronger financial management and governance, and a thriving profession that is highly valued.
ICAEW is responsible for the licensing, registering and monitoring of auditors who wish to carry out audits of local public bodies. This page explains what accountancy firms and individuals need to do to become a registered local auditor under the Local Audit and Accountability Act 2014.
Public sector bodies may produce financial statements under the same accounting standards as their private sector counterparts, but there are some key differences. In addition, each of the UK's four nations has its own approach to audit. This hub highlights the important variations all auditors need to be aware of.
The former PwC partner and now Jersey’s Comptroller and Auditor General on why tackling the local audit crisis hinges on audit firm leaders valuing the public sector audit discipline better.