ICAEW expresses disappointment at missed opportunity for reforms to Key Audit Partner eligibility guidance to enable broader access for audit firms to the NHS and local authority audit markets.
A new regulator, the Audit Reporting and Governance Authority (ARGA), to be established as the system leader for local audit within a new, simplified local audit framework.
This month’s top technical stories include an overview of the tax measures announced in the Spring Statement, HMRC mandating the format of employment expenses claims and a podcast discussing death and digital assets.
Proposed changes to local audit statutory guidance to make Key Audit Partner eligibility criteria less restrictive have been welcomed by ICAEW, which also calls for a more radical approach to improve capacity in England’s local audit market.
ICAEW welcomes the government’s commitment to a whole system approach in the measures announced to address the lack of timeliness in local audit, but expresses disappointment that the local government finance settlement only covers a single year.