CIPFA, the Chartered Institute of Public Finance and Accountancy, has welcomed the findings of the Independent Review of the Financial Reporting Council (FRC), led by Sir John Kingman, which recently published its final report.
Rob Whiteman, CIPFA CEO, said:
"Having robust audit practices and disciplines is incredibly important for government, both for providing a barrier against corruption, and for upholding the public’s trust in the integrity of our public sector organisations.
"It is important that there is strong scrutiny of local authorities’ finances and financial management, particularly at a time when acute financial pressure has led some councils to take on bolder and more risky investment strategies.
"We welcome this report which recognises that, within this changing set of circumstances, the time is now right to reconsider the public audit model and CIPFA looks forward to contributing to playing its part in the process.”
For further information please contact the CIPFA press office on T: +44 (0)20 7543 5703 or E: Liam.Macandrew@cipfa.org.
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. CIPFA shows the way in public finance globally, standing up for sound public financial management and good governance around the world as the leading commentator on managing and accounting for public money.
For more information visit www.cipfa.org.