Local Audit and Accountability Act 2014 – ICAS surrenders RSB Status for Local Audit from 1 January 2021 2021
21 December 2020
In November 2020, the Board of the Financial Reporting Council (FRC) approved a request by ICAS to surrender their status as a Recognised Supervisory Body (RSB) under the Local Audit and Accountability Act 2014 (the 2014 Act). As a consequence, ICAS will cease to hold RSB status for Local Audit in England from 1 January 2021.
ICAS became a RSB for local audit in 2015. Only a small number of registered audit firms applied for authorisation to undertake local audit work under the 2014 Act. ICAS no longer authorises any firms for local audit work in England, and earlier this year the ICAS Regulation Board invited the Council to initiate the process to surrender its RSB Status for Local Audit in England.
ICAS remains a RSB for statutory company audit in accordance with the Companies Act 2006.
Further information is available here.