ICAEW agrees with the Redmond Review that more must be done to improve the quality of local authority financial reporting and audit.
When Sir Tony Redmond’s long-awaited report on local authority financial reporting and external audit in England was published in September 2020, it set out a new path for local authorities and their auditors. Recommendations included: the creation of a new audit regulator; expanding eligibility for appointment as a local public auditor; and an extended deadline for delivering audited financial statements to councils.
These recommendations were outlined in an ICAEW Insights article on our website. ICAEW welcomed, in particular, the recommendation for at least one independent member of council audit committees, strengthening the ability of elected representatives to hold their local authorities to account on behalf of residents and council taxpayers.