Revised guidance for recognising Key Audit Partners for local audit
Published: 28 February 2022
Response deadline: 28 March 2022
| Title | FRC Revised Guidance |
|---|---|
| Format | pdf, 2.0 MB |
The Financial Reporting Council (FRC) has issued a consultation on proposed changes to its statutory Guidance to the Recognised Supervisory Bodies (RSBs) on the recognition of Key Audit Partners for local audit.
The changes have been proposed to address a recommendation made by Sir Tony Redmond in his review of local audit , published in November 2020, to address the issue of capacity in this market.
The FRC plans to consult for 4 weeks and will issue a feedback statement addressing the comments it receives ahead of publishing its revised guidance.
The new guidance will apply to all applications received by the RSBs after its publication.
Comments on the consultation are invited by 28 March 2022 .
The FRC expects to finalise its revised guidance by Spring 2022.
A link to the consultation is available here .
Current Guidance to Recognised Supervisory Bodies on the approval of Key Audit Partners for local audit is available here .
The changes have been proposed to address a recommendation made by Sir Tony Redmond in his review of local audit , published in November 2020, to address the issue of capacity in this market.
The FRC plans to consult for 4 weeks and will issue a feedback statement addressing the comments it receives ahead of publishing its revised guidance.
The new guidance will apply to all applications received by the RSBs after its publication.
Comments on the consultation are invited by 28 March 2022 .
The FRC expects to finalise its revised guidance by Spring 2022.
A link to the consultation is available here .
Current Guidance to Recognised Supervisory Bodies on the approval of Key Audit Partners for local audit is available here .
| Title | BDO Local audit consultation response |
|---|---|
| Format | pdf, 143.2 KB |
| Title | CIPFA Local audit consultation response |
| Format | pdf, 74.5 KB |
| Title | Deloitte Local audit consultation response |
| Format | pdf, 190.4 KB |
| Title | EY Local audit consultation response |
| Format | pdf, 186.9 KB |
| Title | Grant Thornton Local audit consultation response |
| Format | pdf, 174.9 KB |
| Title | ICAEW Local audit consultation response |
| Format | pdf, 235.7 KB |
| Title | ICAS Local audit consultation response |
| Format | pdf, 584.9 KB |
| Title | KPMG Local audit consultation response |
| Format | pdf, 167.6 KB |
| Title | Mazars Local audit consultation response |
| Format | pdf, 314.7 KB |
| Title | PSAA Local audit consultation response |
| Format | pdf, 145.9 KB |
| Title | PwC Local audit consultation response |
| Format | pdf, 100.5 KB |
| Title | Practice Note 14 Regulation of Auditors of Local Bodies |
| Format | pdf, 1.3 MB |