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ICAEW and CIPFA issue joint statement on the FRC’s local audit inspection results

Author: ICAEW

Published: 28 Oct 2022

Commenting on the Financial Reporting Council’s local audit quality report, published by the regulatory today (Friday 28 October 2022), Alison Ring, Director for Public Sector and Taxation at ICAEW, and Sarah Sheen, Technical Manager at CIPFA, said:

“While recognising there are areas for improvement, we are pleased to see that the number of audits categorised as good or requiring limited improvements has remained consistent.

“We share the FRC’s concerns about the timeliness of local audit and reporting. We agree that this is a system-wide issue, and it’s crucial that everyone in the sector works together to tackle the causes of these delays and ensure the vital local audit system operates effectively.

“We welcome the fact that the AQR process is focusing on matters that are significant to the sector including expenditure on services, the appropriateness of capital expenditure, investment property valuation and the minimum revenue provision in local government.”

ENDS

Notes to editors:

Contact: ICAEW media office, ruth.pott-negrine@icaew.com or 07557 161 315

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