Comment deadline for the FRC consultation on Regulations and Guidance for local public audit

When 17 Oct, 2014
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Timezone UTC
Where London
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The Financial Reporting Council (FRC) has issued a consultation on statutory Regulations and Guidance for ‘local public audits’ – audits of local authorities, clinical commissioning groups and the remaining non-foundation NHS trusts.   Comments are invited until 17 October 2014.

Under the Local Audit and Accountability Act 2014, the auditors of these bodies will move from being appointed by the Audit Commission to being appointed by local bodies. As with the statutory audit of companies and similar entities, the government has delegated the Secretary of State’s responsibility for oversight to the FRC. The consultation on draft regulations and guidance seeks views on the way in which the FRC should give effect to three specific responsibilities delegated to it by the government: 

  • transparency reporting by local public auditors – allowing one combined transparency report for firms also carrying out Companies Act audits;
  • the establishment of a register of local public auditors; and
  • guidance on the approval of individuals (including practical experience requirements) as engagement leads (in effect as audit engagement partner) for local public audits. 

The FRC expects to implement the regulations and guidance by the end of 2014 and they will be applicable to the audits of local public bodies in respect of accounting periods ending 31 March 2018. 

The press release and full consultation are available on the FRC website

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