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Government’s 16 commitments and £49m funding designed to ‘fix the broken audit system’

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The government has set out 16 commitments to fix the “fragmented and broken” local audit system – with up to £49m in funding to support local authorities in clearing the backlog.

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The commitments (listed below) include simplifying financial reporting requirements and increasing capacity to avoid reliance on a small number of auditors. The announced funding

Backstop dates and disclaimers, the appearance of the asset ceiling, local government reorganisation, simplification of accounts. Stephen Sheen assesses an eventful 2024 in the world of audit and accounts, and looks at what might happen next.

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