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| Accounts and Audit Regulations 2015 | |
|---|---|
| Title | Accounts and Audit Regulations 2015 |
| Type | Statutory Instrument |
| Year | 2015 |
| Jurisdiction | United Kingdom |
| Citation | SI 2015/234 |
Accounts and Audit Regulations 2015 The Accounts and Audit Regulations 2015 are a United Kingdom statutory instrument that codified financial reporting, accounting, and audit arrangements for local authorities and certain public bodies. The Regulations updated procedural and substantive requirements for budgetary control, internal audit, external audit, and public inspection, aligning domestic practice with obligations reflected in instruments and conventions across Europe and international institutions. They intersect with frameworks developed by bodies such as National Audit Office, Office for National Statistics, Chartered Institute of Public Finance and Accountancy, International Federation of Accountants, and European Commission policy instruments.
The Regulations succeeded earlier statutory instruments and responded to reviews by actors including CIPFA, NAO, Public Accounts Committee, and reports connected to events like the 2008 financial crisis and the Eurozone crisis. They aimed to standardize procedures influenced by precedents from Local Government Act 1972, Local Audit and Accountability Act 2014, and recommendations from inquiries such as those by PAC and advisory work by Institute of Chartered Accountants in England and Wales. The policy rationale paralleled reforms implemented in jurisdictions overseen by entities like Organisation for Economic Co-operation and Development, International Monetary Fund, and World Bank to strengthen fiscal transparency after high-profile failures including Rochdale Borough Council cases and deliberations linked to Serco Group controversies.
The Regulations apply to a range of bodies including county councils, district councils, unitary authorities, London Borough of Hackney-type entities, police and crime commissioners, fire and rescue authorities, combined authorities, and specified bodies analogous to NHS Trusts arrangements. They addressed accounting periods, the preparation of statements akin to those required under Companies Act 2006 practice, and audit appointments interacting with firms such as PwC, KPMG, Deloitte, and EY. Exemptions and specific provisions referenced institutional structures like Greater London Authority, Council of the Isles of Scilly, and entities operating under Local Government Pension Scheme arrangements.
Key provisions mandated the preparation of accounting records and annual statements consistent with standards produced by CIPFA/LASAAC, the publication of a narrative report analogous to disclosures used by House of Commons entities, and timelines for adopting statements comparable to practices in United Kingdom Parliament financial guidance. The Regulations specified duties of chief finance officers paralleling roles in HM Treasury guidance, requirements for internal audit functions drawing on Internal Audit Standards promulgated by CIPFA, and stipulations for public inspection modeled on transparency measures promoted by Transparency International and discussions in the European Court of Auditors. They prescribed processes for electors’ rights to inspect accounts, challenges informed by precedents from litigation before courts such as High Court of Justice and engagement with audit committees similar to those in Bank of England frameworks.
Governance obligations set out responsibilities for elected bodies and officers with reference points from codes like CIPFA/SOLACE guidance and oversight practices used by Audit Commission predecessors. External audit procedures integrated appointment and independence arrangements reflecting debates involving Public Accounts Committee and corporate governance standards exemplified by UK Corporate Governance Code. Reporting schedules required publication of audited statements within deadlines that mirror timetables used by Companies House and reporting lines analogous to those between Department for Communities and Local Government and local entities. The Regulations referenced interactions with audit bodies including Financial Reporting Council and operational matters seen in large-scale audits by firms such as Grant Thornton.
Enforcement mechanisms relied on powers available to courts and oversight bodies including the Local Government Ombudsman and procedural expectations shaped by rulings from Court of Appeal and Supreme Court of the United Kingdom. Non-compliance could result in statutory recommendations, public interest reports by National Audit Office, disallowance actions with historical parallels in cases involving Audit Commission interventions, and reputational sanctions observed in incidents affecting corporations like Carillion. Sanctions also invoked mechanisms for member accountability seen in proceedings by Standards Committee arrangements in councils and follow-up reviews by entities such as Home Office oversight units.
Since 2015 the Regulations have been subject to clarifications and adjustments influenced by further legislation including updates tied to Local Audit and Accountability Act 2014 implementation, sector guidance from CIPFA and rulings from bodies such as Information Commissioner's Office on disclosure. Subsequent developments reflected ongoing debates within forums like Society of Local Authority Chief Executives and Senior Managers and impact assessments by Department for Levelling Up, Housing and Communities. Internationally, comparable reforms in jurisdictions under European Court of Auditors scrutiny and recommendations from International Federation of Accountants continued to inform domestic refinements.