In response to today's publication of the FRC local audit quality review, CIPFA and ICAEW have issued a joint response.
Alison Ring, Director for Public Sector and Taxation at ICAEW, and Sarah Sheen, Standards Setting 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.”
NOTES TO EDITOR:
For more information about the FRC quality review, please visit the FRC website.
For more information about the joint CIPFA/ICAEW response, please contact the CIPFA press office or the ICAEW media office at ruth.pott-negrine@icaew.com.
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