Code of audit practice

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CODE OF AUDIT PRACTICEcodeof audit practicemarch 2002AUDIT COMMISSIONContentsForeword 1The Code of Audit Practice1. General principles 62. The audit framework 93. Reviewing the financial aspects of corporate governance 124. Auditing the accounts 155. Reviewing aspects of performance management 16Schedule 1: Special powers and duties of auditors 19Schedule 2: Applicability of the Code 26Schedule 3: The audit of parish and community councils and parish meetings 27Appendix 1: The statutory functions of auditors 29Appendix 2: Glossary 31Annex: Transitional provisions 34External audit is an essential element in the process of accountability for public money and makes an importantcontribution to the stewardship of public resources and the corporate governance of public services.This Code came into effect on 29 March 2000 and was amended in March 2002 by alterations to paragraphs 4 and 5 of the Code and the inclusion of schedule 3.Schedule 3 came into effect on 1 April 2002 and applies to audit work that relates to financial years ending on or after 31 March 2002.CODE OF AUDIT PRACTICE Forewordbusiness, external audit in local The Commission is responsible,Accountability and thegovernment and the NHS is among other things, for:role of external auditcharacterised by three distinct appointing auditors to localThose who are responsible for thefeatures: government and NHS bodies,conduct of public business and for auditors are appointed and ...

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ocfoauditepractice

A U D I T C O M M I S S I O N

Foreword The Code of Audit Practice 1. General principles 2. The audit framework 3. Reviewing the financial aspects of corporate governance 4. Auditing the accounts 5. Reviewing aspects of performance management Schedule 1: Special powers and duties of auditors Schedule 2: Applicability of theCode Schedule 3: The audit of parish and community councils and parish meetings Appendix 1: The statutory functions of auditors Appendix 2: Glossary

External audit is an essential element in the process of accountability for public money and makes an important contribution to the stewardship of public resources and

ThisCodecame into effect on 29 March 2000 and was amended in March 2002 by alterations to paragraphs 4 and 5 of theCodeand the inclusion of schedule 3. Schedule 3 came into effect on 1 April 2002 and applies to audit work that relates to financial years ending on or after 31 March 2002.

6 9 12 15 16 19 26 27 29 31

money and the conduct of public

A U D I T C O M M I S S I O N

EXHIBIT 1 The Commission’s model of public audit The Commission’s model of public audit reflects the concept of an ‘integrated audit’. TheCodesets out auditors’ responsibilities in relation to

• O • Re

Source: Audit Commission

Corporate governance

 Use of resources • Performance information • Best value performance plans

• Systems of internal financial control • Standards of financial conduct, and the prevention and detection of fraud and corruption

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