As you may recall, some months ago CIPFA committed to submit a shadow application to the Financial Reporting Council (FRC) for Registered Qualifying Body (RQB) status as a result of the Local Audit & Accountability Act 2014 which has changed local audit arrangements in England. We submitted this shadow application based around a new Public Audit Qualification (PAQ) earlier this year. We are expecting the Regulations formalising the oversight powers of FRC as well as details of the RQB requirements to be laid by the House for the Act in July. Look out for further news on the PAQ!
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