Accounts and Audit

February 18th, 2015 by James Goudie KC

The Accounts and Audit Regulations 2015, SI 2015/234, which come into force on 1 April 2015, revoke the Accounts and Audit (England) Regulations 2011, SI 2011/817, and set out the detailed requirements on a “relevant authority” (other than a health service body) in relation to keeping adequate accounting records and control systems, preparing, approving and publishing a statement of accounts, and making various documents available for public inspection, and objection and questioning by local electors.  The authority “must ensure” that it has (and reviews) a “sound system of internal control”: Regulation 3.  It “must undertake an effective internal audit”: Regulation 5.  There is a new requirement to prepare and publish a “narrative statement”, commenting on the authority’s financial performance and economy, efficiency and effectiveness in the use of resources over the year.

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