A new regulator to replace the Financial Reporting Council (FRC), overseeing public and private sector auditing practices nationwide will be strengthened with powers over local government audit, the government announced today.
The new regulator, the Audit, Reporting and Governance Authority (ARGA), will contain a standalone local audit unit bringing all regulatory functions into one place to coordinate what the government described as a new, simplified local audit framework .
The Ministry of Housing, Communities & Local Government will also set up and chair a liaison committee made up of senior stakeholders across the sector that will oversee the governance of the new audit arrangements and ensure they are operating effectively.
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Whitehall claims about the key Redmond Review recommendation do not cut the mustard, writes the assistant director of the Chartered Institute of Public Finance & Accountancy.
“I help to support the establishments I have mentioned they cost enough; and those who are badly off must go there” – Ebenezer Scrooge
I think it’s safe to say that the final announcements to come out of the Ministry of Housing, Communities & Local Government for 2020 were a bit of a mixed bag. Despite the heroic efforts of the local government sector over the year to combat Covid-19, it would seem that government largely ignored our Christmas wishes and put us on the collective naughty list.