PracticeAuditAudit Scotland introduces new operating code

Audit Scotland introduces new operating code

Scottish public sector watchdog issues new rule book to reflect major changes to the audit landscape

A new Code of audit practice has been published today by
Audit Scotland.
The body said that the new Code would continue a trend across the UK public
sector for ‘higher level statements of principles with less emphasis on detailed
rules for auditors.’

The revamped code will also reinforce the need for auditors to work in
partnership with the watchdog and each other, and with regard for the work of
other scrutiny bodies.

Since the last Code was published in 2001 there have been a number of
significant developments affecting auditors and audited bodies. The body said
these include the introduction of Best Value in local government and the
development of a ‘risk-focused, audit approach by Audit Scotland and changes in
the way our programme of national performance studies is delivered’. 

Robert Black, auditor general for Scotland, said: ‘The Code of Audit Practice
is an important document prepared through consultation with audited bodies,
appointed auditors and other stakeholders. It sets the general framework for how
external audit work should be carried out in the Scottish public sector. 

‘The Code must be followed by auditors appointed by the auditor general and
the Accounts Commission.  Through the changes in the approach in the Code we
hope to reduce the scrutiny burden on public bodies whilst increasing the
contribution made by audit to service improvement.’

Further reading:

Moves to heal NHS financial ills

Where’s the Olympic money gone? 

Academies programme slammed by NAO

Related Articles

The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

5d Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

6d Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2m Alia Shoaib, Reporter