Draft Local Audit Bill
The Stationery Office, Jul 6, 2012 - Business & Economics - 210 pages
This Draft Local Audit Bill, sets out the government's vision for the future of local audit. It has been designed to implement the government's commitment to disband the Audit Commission and re-focus audit on helping local people hold their councils and other local public bodies to account for local spending decisions. The aim of this new draft bill is to develop a locally focused audit regime, but one still retaining a high quality of audit of local government spending. The government views the current audit arrangements for local public bodies as inefficient and unnecessarily centralised, which has created a system of weak cost incentives and therefore become too focused on reporting to central government and not local people. The new audit framework will also allow bodies to appoint their own auditors from an open and competitive market. The Bill also gives new responsibilities to the Financial Reporting Council, which will act as the overall regulator for auditors; the National Audit Office, which will set the code of audit practice; and the professional audit bodies will also have a role in regulating and monitoring audits.
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Annex A Consultation questions and how to respond
advisory notice appoint an auditor arrangements Audit Bill Audit Commission’s audit fees audit framework audit practice audit regime auditor panel beneﬁts body corporate body or person charter trustees clause code of audit Companies Act 2006 compliance comply Comptroller and Auditor Conduct of audit connected entity considers costs data matching exercise deﬁnes delegation order direction disclosure documents draft Bill draft impact assessment effect Eligibility and regulation eligible for appointment ensure entity connected estimates ﬁnancial Financial Reporting Council firms functions Greater London Authority imposed independent inspection local auditor London Assembly National Audit Ofﬁce offence ofﬁcer outsourced paragraph Parliament partnership penalty procurement public audit public bodies public interest report purposes recognised qualifying body recognised supervisory body recognition order regime regulation of auditors relation relevant authority relevant authority’s report or recommendation Schedule Secretary of State’s specified statement of accounts statutory sub-paragraph subsection Supplementary provisions transfer Transport for London Wales