The Financial Reporting Council has fined accounting firm Mazars £250,000 over "insufficient and undocumented” challenge on the valuation of refurbishment costs in a local authority audit.
Local authorities in England are set to receive £45m over the next three years, alongside extended accounts deadlines, to help improve the timeliness of local audit.
The quality of local audit improved on last year despite "disappointing" performance on meeting deadlines, according to the Financial Reporting Council.
More than 90% of local authority audit opinions for 2020-21 missed the extended September deadline, according to oversight body Public Sector Audit Appointments.
Local authority procurement body Public Sector Audit Appointments will reassess its proposal to increase the number of audit lots following a mixed response from the sector.
Opening the public sector audit market to new entrants will require a collective, system-wide effort says Julie Schofield, senior manager of business and procurement at local authority audit body...
A new Fabian pamphlet calls on the Labour Party to position itself as the party of rigorous stewardship of public money – authors David Walker and John Tizard explain why.
More auditor interventions through statutory recommendations and public interest reports to local authorities are likely to occur in coming years, an audit expert has warned.
Proposed reforms by local audit administrator Public Sector Audit Appointments will fail to bring smaller companies into the sector, according to a senior partner at a 60-strong accountancy firm.
Proposals released today putting a greater emphasis on quality in the awarding of local government audit contracts would see fees rise if adopted, according to an expert.
Amendments to international reporting standards proposed this week will see auditors demand more involvement with councils' processes for identifying fraud, an expert told PF.
A senior MP has questioned whether the new 'system leader' for local audit proposed by the government will possess the expertise to deal with the complexities of the sector.
The government has proposed making the replacement to the Financial Reporting Council the new system leader for local audit, following the Redmond Review.
Local authority external audit fees for 2020-21 will be used as a baseline for next year, although one expert predicted that levels are likely to change by the end of the year.
Section 114 notices are unfit for purpose, two senior officers at the London Borough of Croydon – which issued two last year due to financial problems – told MPs this week.
