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The Chartered Institute of Public Finance and Accountancy (CIPFA) is set to launch a consultation on enhanced financial reporting requirements for local government, recommended by today’s Redmond Review.
The review, announced last year at CIPFA’s annual conference, examined the effectiveness of local authority financial reporting and the audit regime.
The CIPFA consultation will seek views on how best to implement Sir Tony Redmond’s proposal for an additional financial performance report.
The wide-ranging report also recommended the creation of a new audit appointments body and stressed the importance of appropriate skills for both preparers of accounts and auditors.
CIPFA CEO Rob Whiteman said:
“We welcome the recommendations set out today in Sir Tony’s report for a new public body to ensure high quality external audit for local authorities. Auditors play a vital role in shining a light on local decision making and there is concern that the present market arrangements are not delivering this as needed.
“The creation of a new audit body would join up an overly fragmented structure for local audit in England and ensure a sustainable future for local public audit that is presently at risk.
“The proposed new financial reporting requirements would support more effective communication of the often complex financial affairs of local authorities. We recognise the important role that CIPFA is expected to take in delivering this.
“While the report’s main focus is on system architecture and frameworks it also identifies the importance of enhancing high calibre skills for auditors and council finance departments. To support this, I can also announce that CIPFA is developing a new top-up qualification for professionals in public sector audit, as well as new continuous professional development training for new and existing council finance directors.”
For further information please contact the CIPFA press office on T: 020 7543 5737 or E: email@example.com
Notes to editors:
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.