IFRS 16: A lot of effort, but a great opportunity too
Alison Ring writes that bringing leases onto the balance sheet from 1 April provides council finance teams with a real “opportunity” to help councillors better understand the scale and scope[…]
Technical
Reasons to be cheerful in a time of major change for local government finance
The message that local authority finance teams need bolstering seems to be winning a hearing, writes Alison Ring, while reform of local authority financial reporting and audit gathers pace. For[…]
2022 is the year for confronting ‘chaos’ in audit and accounting
Stephen Sheen looks back over the past 12 months and reveals how it should guide regulators in the New Year. I have just looked back at the article I wrote[…]
Audit improves but problems and uncertainties remain
The regulator has reported revealing improvements in local government audit but key issues remain unresolved, writes Stephen Sheen. At the end of October, the Financial Reporting Council (FRC) released its[…]
Crisis in local audit unlikely to be solved by coming reforms
Local authority audit is changing but, Stephen Sheen argues, 100% private sector provision is unlikely to be “viable” while the underlying problem is difficulty recruiting for “soul destroying” work. At[…]
What’s the benefit of using the PSAA?
Conrad Hall examines the case for councils to undertake their own audit procurement instead of sticking with Public Sector Audit Appointments. To PSAA or not to PSAA: That is, if[…]
Council auditors are in ‘shackles’ and need to be released
Rebecca Keene writes that local government audit has become distracted by valuations and cash flow projections. As we reach the end of July and what would be, pre-pandemic, the deadline[…]
MPs demand “urgent” action to repair local government audit
Members on the public accounts committee say the audit market is at risk of collapse while the system is close to “breaking point”. Audit of councils has long been a[…]
Does local government need a new red flag system to signal looming financial crisis?
Andrew Hardingham examines calls for a new early warning system for section 114s notices and finds there are already many mechanisms in place, if only they were used properly and[…]
Local authorities need to ‘invest in finance teams’
Reforms means local government will soon see a new audit regulator but, writes Alison Ring, investing in local government finance teams and better reporting are priorities too. The government’s decision[…]
