RegulationAccounting StandardsCouncil audit fees to soar over IFRS

Council audit fees to soar over IFRS

New standards could see rises of up to a third in the fees councils pay to the Audit Commission

Councils are set to see a hike in the fees they pay to the Audit Commission,
as the public sector moves to International Financial reporting Standards.

The commission’s fees could go up by 33% for district councils and 22% for
London boroughs,
the
FT suggested
.

The Audit Commission said the increases were still under discussion, but that
the shift in the rules to IFRS was the reason for any increase.

Robert Gordon, leader of Hertfordshire county council, said: ‘Inspections by
the Audit Commission determine whether local authorities are delivering value
for money. They should practise what they preach and ask themselves whether
these increases represent value for money for their services.’

Further Reading:

Read
the FT story: Sharp rise in audit fees for councils (subscription required)

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