The audit arrangements for parish councils have been officially declared ‘unsustainable’ and reform proposals, including creating a monopoly in the supply of audit services, have been put forward, writes Gavin Hinks. Options for a ‘radical overhaul’ of audit for the smallest local authorities have been published in an Audit Commission paper, which attempts to spark a debate. Proposals include exempting small councils from audit as part of a so-called ‘lighter touch’ regime which would also involve the use of ‘less rigorous forms of scrutiny’. Another option is raising fee levels to allow auditors to provide a better service. Martin Evans, director of audit policy at the Commission, said: ‘Local councils, as well as the Audit Commission and its auditors now consider the present audit regime is unsustainable. ‘The aim of this paper is to stimulate a debate on the changes necessary to improve the audit process for both local councils and auditors alike.’ www.audit-commission.gov.uk.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel