The Procurement Bill, which will reform the existing Procurement Rules, received Royal Assent last year. You can view the new Procurement Act on the UK legislation website. The Procurement Act will come into effect on Monday 28 October 2024. The Government has published a series of guidance documents to cover all aspects of the Procurement Act […]
On 9 January 2024 new Global Internal Audit Standards were issued, which will become effective from 9 January 2025. They will replace the International Professional Practice Framework, the mandatory elements of which are the basis for the current UK public sector internal auditing standards. The UK Public Sector Internal Audit Standard Advisory Board (IASAB) issued […]
On 25 March the FRC published its plan and budget for 2024/25.
CIPFA recently launched its consultation on short term England-only measures in the Code of Practice on Local Authority Accounting. The proposals are to aid the recovery of local authority reporting and audit as set out in a Joint Statement from DLUHC and other system partners issued in February 2024. The consultation closes at 11pm on […]
The FRC has announced important revisions to the UK Corporate Governance Code to help enhance transparency and accountability. They have also issued supporting guidance notes.
Simon Hoare, Minister for Local Government, announced in a letter to Clive Betts, Chair of the Levelling Up, Housing and Communities Select Committee, the department’s intention to consult on proposals to set a backstop date of 30 September 2024. The backstop date will require local bodies to publish their audited financial accounts for all financial […]
The FRC has published an update to its Ethical Standard for auditors, effective from 15 December 2024. The update is a response to the FRC’s consultation that was carried out last year and closed on 31 October 2023.
On 17 July, Minister Rowley attended the latest LUHC Select Committee hearing for its inquiry into Financial Reporting and Audit in Local Authorities. The Committee has published the letter that the Minister sent in advance committees.parliament.uk/publications/40932/documents/199432/default/, which includes the latest position on proposals to address the significant backlog of local government audits in England. The letter […]
The Local Audit Liaison Committee met on 3 May and on 27 June. DLUHC will publish minutes for these meetings in the coming weeks. In the meantime the minutes for past meetings are available to view.
On 17 May CIPFA published supplementary guidance covering the impact of triennial valuation statements received for IAS19 Employee Benefits Reporting for financial statements for 2021-22 and earlier years, where opinions on those statements have yet to be issued – CIPFA Bulletin 14 Supplement | CIPFA.