FRC publishes feedback statement on the Regulation of Auditors of Local Bodies

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18 May, 2015

The Financial Reporting Council (FRC) has today published a feedback statement on the Regulation of Auditors of Local Bodies.

In July 2014, the Financial Reporting Council (FRC) 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 - seeking views on the way in which it should give effect to three specific responsibilities delegated to it under the Local Audit and Accountability Act 2014.

The FRC has now published a feedback statement to that consultation. Overall the responses were supportive of the proposals, however minor changes have been made to take into account the comments and suggestions made.

 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 feedback statement are available on the FRC website.

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