Auditor Regulatory Sanctions Procedure
Published: 25 September 2023
1 minute read
The Auditor Regulatory Sanctions Procedure (PDF) covers failures to comply with the Regulatory Framework for Auditing of major local audits. Major local audits are principally local authorities and health bodies other than Foundation Trusts.
The Local Audit (Professional Qualification and Major Local Audit) Regulations 2014 defines a major local audit as one which meets the following criteria:
- Total income or expenditure of at least £500 million, or
- For a local authority pension scheme, at least 20,000 members or gross assets in excess of £1,000 million.
The FRC is not responsible for audit quality monitoring at NHS Foundation Trusts. This is the responsibility of NHS England.
Following inspection by the Audit Quality Review team, the FRC may independently determine that an Audit Firm may have failed to comply with the rules relevant to local audit and is liable for sanctions. The matter will then be referred to the independent Enforcement Committee under the procedures and guidance set out below.
| Name | Auditor Regulatory Sanctions Procedure (January 2021) |
|---|---|
| Publication date | 1 January 2021 |
| Format | PDF, 203.2 KB |
| Name | Auditor Regulatory Sanctions Procedure (June 2016) |
| Publication date | 17 June 2016 |
| Format | PDF, 496.9 KB |
There are similar arrangements under the Crown Dependencies’ Recognised Auditor Regulatory Sanctions Procedure January 2021 where the Audit Quality Review team has inspected a Recognised Auditor registered in one of the Crown Dependencies of Guernsey, the Isle of Man and Jersey. Guidance on the application of the Procedure is available: Recognised Auditor Regulatory Sanctions Guidance.
| Name | Crown Dependencies’ Recognised Auditor Regulatory Sanctions Procedure (January 2021) |
|---|---|
| Publication date | 1 January 2021 |
| Format | PDF, 275.0 KB |
| Name | Crown Dependencies’ Recognised Auditor Regulatory Sanctions Procedure (June 2016) |
| Publication date | 4 April 2016 |
| Format | PDF, 461.8 KB |
| Name | Crown Dependencies’ Recognised Auditor Regulatory Sanctions Procedure (April 2016) |
| Publication date | 4 April 2016 |
| Format | PDF, 461.8 KB |