Transparency Code for Smaller Authorities
The Local Audit and Accountability Act 2014 sets out a new audit framework for local public authorities which are currently covered by the Audit Commission system. Under the new framework, smaller authorities with an annual turnover not exceeding £25,000 will be exempt from a routine external audit. Instead of an audit, these smaller authorities will be subject to the new transparency requirements laid out in the Code. This will enable local electors and ratepayers to access relevant information about the authorities’ accounts and governance.
In April 2015 it became mandatory for all small authorities to comply with the transparency code
The code requires certain information to be published on a publicly accessible (free of charge) website. This information is as follows:
- all items of expenditure above £100
- end of year accounts (annually)
- annual governance statement (annually)
- internal audit report (annually)
- list of councillor or member responsibilities (annually)
- the details of public land and building assets (annually)
- Minutes, agendas and meeting papers of formal meetings (minutes within a month of the meeting and agendas no later than 3 days prior to the meeting date)
Accounts and Audit Regulations
The following is an extract from the Accounts and Audit Regulations 2003: Para 6 (as amended periodically) relating to internal audit:
“A relevant body shall maintain an adequate and effective system of internal audit of its accounting records and of its system of internal control in accordance with the proper internal audit practices, and any officer or member of that body shall, if the body requires:
- Make available such documents of the body which relate to its accounting and other records as appear to that body to be necessary for the purpose of the audit; and,
- Supply the body with such information and explanation as that body considers for that purpose.”
Internal Audit
Our appointed internal auditors are Auditing Solutions Ltd. Their consultants can demonstrate over 100 years combined experience of both external and internal audit, and business consulting, offering a comprehensive internal audit service in line with the Accounts and Audit Regulations 2003, as amended periodically.
External Audit
Under the new Transparency Code for Smaller Authorities, Old Woughton Parish Council is not required to have an external audit as the annual turnover does not exceed £25K.