FRC finds improving quality but significant delays in audits of local bodies
The FRC's major local audit quality report points to some improvements in audit quality, but significant issues connected to their timeliness.
The Financial Reporting Council (FRC) has released a report on the audit quality of major local audits in 2021-2022. The report assesses six accounting firms’ audits of health bodies, local government councils and local authority pension funds that met the following criteria:
- total income or expenditure of at least £500m