ICAEW’s evidence to the House of Commons’ Public Accounts Committee’s inquiry into the Department for Business, Energy and Industrial Strategy annual report and accounts 2020-21 highlighted an external assurance gap over £21.8bn of funding provided to local authorities for COVID-19 business support grants. The submission warns that the £1.038bn fraud and error reported in the accounts for these schemes could be a significant underestimate and calls for the Department to allocate more funds to preventing and recovering fraud.
Representation
28 April 2022
ICAEW’s response to the Financial Reporting Council’s consultation on the revision of statutory guidance under the Local Audit and Accountability Act 2014 welcomes that the changes seek to reduce the restrictions on Key Audit Partner eligibility. While the changes in guidance will go some way to reducing barriers to entry, the response also calls for legislative changes to tackle the current capacity crisis in local audit and fully implement the recommendations of the 2019 Redmond Review.
Representation
28 March 2022
A response dated 1 March 2022 to a consultation published by the FRC in January 2022.
Representation
01 March 2022
A response dated 18 February 2022 to the public debate on how to improve the quality and enforcement of corporate reporting in the EU, published by the European Commission on 12 November 2021.
Representation
21 February 2022
ICAEW’s response to the Department for Levelling Up, Housing and Communities’ consultation on changes to the capital framework welcomes proposed changes to the regulations around the minimum revenue provision (MRP). However, the response also states that clarifying existing guidance will not be sufficient to address the underlying weaknesses that have led to some councils undercharging the MRP. ICAEW has called for the government to simplify the MRP calculation and local authorities to be more transparent.
Representation
08 February 2022
A response dated 31 January 2022 to a consultation published by the International Auditing and Assurance Standards Board (IAASB) on 23 July 2021.
Representation
31 January 2022