Audit Commission to return £8m to local authorities

25 Mar 14
The Audit Commission has announced that it will provide a rebate totalling £8m to local authorities as part of preparations for its closure next March.

By Richard Johnstone | 25 March 2014

The Audit Commission has announced that it will provide a rebate totalling £8m to local authorities as part of preparations for its closure next March.

The commission said the money would be immediately distributed across 687 local bodies it audits, including councils and NHS trusts, following a decision by the watchdog’s board to distribute retained funds ahead of its closure. The commission will be abolished on March 31 2015 under the coalition government’s reforms to local audit.

Announcing the rebate for principal audited bodies, which amounts to  13.7% of their 2012/13 annual audit fee, commission chair Jeremy Newman said: ‘As decisions have been made along the route to our closure in 2015, it has been possible to project our outgoings and where we have identified a surplus in our retained earnings, we are seeking to return them.

‘It is gratifying to know that we are able to help local audited bodies in a time of financial austerity.’

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