Proposed changes to Local Government audit and financial reporting

| March 10, 2014 | 0 Comments

The Treasury has completed its consultation on proposed changes to the financial regulatory framework for the Island’s Local Government bodies which were intended to adopt a more proportionate approach to managing the related risks across the sector.

At the end of December the Treasury went out to consultation on its proposed changes to the audit and accounting framework applicable to the Island’s Local Government sector.

Whilst the primary route for feedback on the proposals was the written consultation, two specific consultation meetings were also held in order to allow a more dynamic forum in which to try to better understand any specific issues arising from, and to clarify some of the rationale behind, the proposals. These meetings were held with:

  • BDO (Isle of Man) (now a part of Grant Thornton) – the existing auditors for all of the Local Government sector; and
  • The Local Government Bodies themselves (and their financial advisors).

The formal consultation period closed at the end of January and having subsequently undertaken a review of the individual consultation responses received, Treasury is now pleased to be able to publish a detailed report summarising its conclusions which is now available via the Government website: http://www.gov.im/ConsultationDetail.gov?id=417

Commenting on the proposals, Minister for the Treasury, Hon. Eddie Teare MHK, said:

‘The Treasury is pleased to now be in a position to progress the legislation required to implement these proposals, which should significantly reduce the overall regulatory burden on Local Government whilst still maintaining a high standard of financial reporting across the sector.’

Chair of the Treasury Audit (Consultative) Committee, Mr Alex Downie OBE MLC, added:

‘I have very much appreciated the constructive response and dialogue that we have had from all parties in progressing these proposals and as chair of the Treasury Audit (Consultative) Committee I would like to take this opportunity to thank all of those who have contributed to this consultation.’

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Category: Finance & Business

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