Explanatory note

These Regulations make provision about professional audit qualifications under the Local Audit and Accountability Act 2014, which requires “relevant authorities” (see section 2 of and Schedule 2 to the Act) to appoint their own “local auditors”. Schedule 5 to the Act applies, with modifications, provisions of the Companies Act 2006 in relation to the eligibility and monitoring of local auditors.

Part 1 contains general provisions.

Part 2 makes provision about “appropriate qualifications” for local audit: in particular, how a qualification is to be “recognised” for the purposes of local audit (making it a type of appropriate qualification for the purposes of the Act).

Part 3 defines “major local audit” for the purpose of monitoring of audits.

An impact assessment of the effect that the Local Audit and Accountability Act 2014, which this instrument helps implement, will have on the costs of business is available from http://www.parliament.uk/documents/impact-assessments/IA13-11A.pdf. No separate assessment was carried out for this instrument.