Explanatory note

These Regulations amend the Local Audit (Professional Qualifications and Major Local Audit) Regulations 2014 (S.I. 2014/1627).

Regulation 2 of these Regulations provides that in relation to a financial year beginning on or after 1st April 2025, an audit of the accounts of a relevant authority (as defined in section 2 of the Local Audit and Accountability Act 2014 (c. 2)) is a “major local audit” if the higher of the relevant authority's total income and total expenditure for that financial year exceeds £875 million.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.