New advice on setting up audit panels
The Chartered Institute of Public Finance and Accountancy has published advice on setting up audit panels.
The Local Audit & Accountability Act 2014 (the Act) abolished the Audit Commission, paving the way for local authorities to appoint their own external (local) auditors. Smaller authorities that have decided not to opt in to sector led body audit procurement arrangements will need to appoint their auditors by 31 December 2016.
The main method for those smaller authorities that decide to opt out to carry out this responsibility will be through auditor panels, so authorities must therefore begin to consider the method of appointment as soon as possible to allow themselves to have the necessary arrangements in place to undertake this process sooner rather than later.
This 47 page guidance considers in depth the various options available to authorities for setting up an auditor panel.