|
|
01 Mar 2011
AUDIT FEES for local government have been cut as the organisations learned to deal with international financial reporting standards (IFRS).
The Audit Commission has proposed audit fee drops of between 5% and 20% for health, local government and community safety organisations for 2011/12.
The scaling down of audit fees represents the reduction of costs arising from the transition to IFRS , which first applied to local government bodies in 2010/11.
Due to cost-saving measures taken during the year, £9m will be paid back to the audited bodies for 2010/11.
"The commission is continuing to drive down its costs and become more efficient," said commission chairman Michael O'Higgins (pictured above).
Local bodies had called on the commission to make robust cost cutting measures on fees, due to the financial pressures faced by the bodies.
"We have listened to what respondents to our consultation have said and want to do more to help the bodies we audit."
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment