Call for views to the independent review into the arrangements in place to support the transparency and quality of local authority financial reporting and external audit in England led by Sir Tony Redmond.
ACCA welcomes the opportunity to comment on the independent review of local authority financial reporting and external audit in England led by Sir Tony Redmond.
ACCA conducted a global research study published in May 2019, entitled ‘Closing the expectation gap in audit‘, highly relevant to this review. The findings of our research show that the public see audit as part of the solution for preventing corporate failure. Furthermore, our research found that there is demand for a wider audit scope including assigning more responsibilities to the auditor in identifying and reporting fraud and a demand for auditors to do more in respect of liquidity, solvency and viability.
To read in full, please download the consultation response.