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New national regulator to get powers over local government audit

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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York Council failings prompts auditors' public interest report

Mazars says the termination settlement paid to York’s former chief executive was “arguably unlawful”, while also criticising how the council dealt with conflicts of interest.
Mazars recently issued a public interest report on payments made by the City of York Council on the termination of employment of its former chief executive, raising concerns about governance, conflicts of interest, record keeping and a failure to follow due process. York held a public meeting on 4 May 2021 to discuss the findings of the report and to agree actions to implement its recommendations.
The Local Audit and Accountability Act 2014 requires external auditors in England to issue a formal public interest report when they identify significant matters during the course of an audit that they believe should be brought to the attention of the public body concerned and to the public. Public interest reports are submitted to the Secretary of State for Housing, Communities and L ....

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MHCLG proposes more flexible audit rules

MHCLG proposes more flexible audit rules
lgcplus.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lgcplus.com Daily Mail and Mail on Sunday newspapers.

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Local authority balance sheets in the spotlight

A recent legal battle over the transparency of Thurrock Council’s £815m debt-leveraged investments in solar power bonds highlights the importance of understanding and managing balance sheet risk in the public sector.
The Bureau of Investigative Journalism has won an appeal against a ruling by the Information Commissioner that Thurrock Council does not have to disclose details about its investments in solar power projects. Thurrock has until 12 April to provide the information requested, although it may not have to answer all of the questions asked if it can provide alternative grounds for non-disclosure under the Freedom of Information Act.
Thurrock Council spent £393m on local services in 2019-20, according to its latest report and accounts published in November 2020, with interest receivable and similar income of £50m (significantly greater than £21m in interest payable and similar charges and a £3m loss on £373m of investments carried at fair v ....

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Local govt governance failures provide insights for councils

Local govt governance failures provide insights for councils
icaew.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from icaew.com Daily Mail and Mail on Sunday newspapers.

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