ACCA (the Association of Chartered Certified Accountants) has announced that it welcomes the new proposals to clear the ‘huge’ backlog in local authority audits. However, the global professional accountancy body highlights the need for the government to focus on the reasons why the backlog has developed to avoid similar crisis points in the future.
Responding to a government consultation on audit issues in local government, ACCA has noted that it supports the proposed backstop dates for the publication of audited financial statements up to 2022/23 (Phase 1) and for financial years up to 2028 (Phase 2). The response, however does express concerns that the plans are ambitious and that they are a short-term fix to more fundamental problems.
Read more at International Accounting Bulletin blog here
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