Changes to financial framework on the way?

Sat, 28 Dec 2013

Treasury Minister Eddie Teare

The Treasury is consulting on proposed changes to the financial regulatory framework.

Under the current set up there is 50 local government bodies which range in size - from annual gross expenditure of less than £5,000 to over £30 million.

Under the Audit Act 2006 - regardless of scale - each of the bodies is required to undertake a full statutory audit with a total current cost of over £210,000.

Minister Eddie Teare says each project needs to be regulated: