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NAO consults on guidance for auditors of value for money audits

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18 Aug 2015

The National Audit Office (NAO) has published a consultation seeking views on proposed guidance to auditors in relation to their statutory duty under the Code of Audit Practice (“the Code”) to be satisfied that audited bodies have proper arrangements in place to secure value for money in their use of resources.

Under the Local Audit and Accountability Act 2014 (“the Act”), the Comptroller and Auditor General (C&AG) are responsible for preparing and maintaining the Code.  The Code sets out what local auditors of relevant local public bodies (as defined in Schedule 2 of the Act) are required to do to fulfil their statutory responsibilities under the Act.  The requirements for auditors to be satisfied that audited bodies have proper arrangements in place to secure value for money in their use of resources are included within Chapter Three of the Code. 

The NAO are consulting on guidance issued by the C&AG.  Under the Act, the C&AG has the power to issue guidance which auditors must ‘have regard’ when carrying out their work. 

This proposed guidance will apply to audits of 2015/16 accounts onwards and will also apply to Foundation Trusts.

Comments are invited until 30 September 2015.  Finalised guidance is expected to be published in November 2015.   

The full consultation is available on the NAO website.

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