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.