There are no direct repercussions for the audited body, but we recognise the problems that delayed audits cause. The Accounts and Audit Regulations 2015 set out the requirements for publishing accounts. There is a statutory deadline for the publication of audited financial statements, but this is only applicable when the body has audited accounts to […]
The procurement of audit services for opted-in bodies is a key component of the appointing person arrangements. Ahead of each audit services procurement PSAA develops and publishes a procurement strategy that is shaped by market conditions and the views of eligible bodies and local audit stakeholders. Details of PSAA’s previous audit procurements are published on […]
PSAA has a clear process for managing complaints, which sets out those areas that it covers. It does not cover matters of professional judgement. We have a Memorandum of Understanding with professional regulators (The Institute of Chartered Accountants England and Wales (ICAEW) as the Recognised Supervisory Body (RSB) and the Financial Reporting Council (FRC)), such […]
Firms and key audit partners must be registered with the ICAEW to provide local audit services, in accordance with the Local Audit and Accountability Act 2014. The quality of the firms’ work will be subject to scrutiny by both the ICAEW and the Financial Reporting Council (FRC). The FRC and the ICAEW have their own […]
Where an opted-in body is dissatisfied with its auditor, concerns should be raised in the first instance with the appointed auditor’s Engagement Lead and subsequently with the firm’s PSAA Contact Partner (as indicated on communications between the auditor and the body). If the body is not satisfied with the response of the auditor, then the […]
Auditors are required to deliver an audit that complies with the NAO Code of Audit Practice, and PSAA’s contracts are let on this basis. Regulation 17(2) of the Local Audit (Appointing Person) Regulations 2015 states that where it appears to PSAA (as the appointing person) that the work involved in a particular audit was substantially […]
PSAA will provide effective management of the contracts with appointed audit firms. Details of our contract management arrangements are on our website and in these FAQs under the topic ‘Contract Management’. We will meet regularly with the public sector leads at each contracted firm and ensure that matters concerning opted-in bodies are brought to their […]
The main circumstances in which PSAA will consider changing an auditor appointment during the five-year appointing period are: An eligible body appointing its own auditor may find it more difficult to change their auditor during the contracted period, not least because it would require undertaking a new selection and procurement exercise. It is important to […]
Once appointed, an audit firm has a statutory relationship with the audited body. Our contracts require audit firms to comply with the requirements of all relevant legislation, including on data protection. The contracts are commercially confidential and are a matter between PSAA and each firm.