NAO meaning

In this issue: Spring Budget 2024 Brexit UK, EU and international regulators and bodies Authorisations, approvals and supervision Prudential requirements Financial crime and sanctions Complaints, compensation and claims handling Investigations, enforcement and discipline Capital markets regulation Benchmark regulation and IBOR reform Derivatives regulation Dispute resolution for financial services lawyers Sustainable finance and ESG Banks and mutuals Investment funds and asset management Insurance regulation Payment services and systems Fintech and cryptoassets Competition in financial services EEA Agreement Annex IX (Financial Services) Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Spring Budget 2024 Spring Budget 2024—key Financial Services announcements In the Spring Budget 2024, the chancellor of the Exchequer, Jeremy Hunt, unveiled a suite of measures affecting financial services, including in particular the possible creation of a Private...

In this issue: Public procurement Healthcare Planning Social care Children’s social care Governance Education Social housing New and updated content Public procurement Procurement Act 2023—key developments since the ‘go live’ On 24 February 2025, the principal elements of the Procurement Act 2023 (PA 2023) came into effect. Procurements initiated on or after that date are subject to PA 2023, while those commenced beforehand remain under the previous framework (including the Public Contracts Regulations 2015, Utilities Contracts Regulations 2016, Concession Contracts Regulations 2016, and Defence and Security Public Contracts Regulations 2011). This review draws out key points and developments a little over six months after the PA 2023 ‘go live’, enriched with market insight and reflections from several of our expert contributors. See News Analysis: Procurement Act 2023—key developments since the ‘go live’. PAC report calls for urgent reform of government digital procurement The Committee of Public Accounts (PAC) has released its Twenty-Seventh...

In this issue: UK, EU and international regulators and bodies Authorisations, approvals and oversight Accountability, culture and social governance Insurance regulation Prudential standards Operational resilience Financial crime and sanctions Consumer protection Complaints, redress and claims handling Investigations, enforcement and discipline Capital markets regulation Dispute resolution for financial services lawyers Derivatives regulation Sustainable finance and ESG Banks and mutuals MiFID II Consumer credit, mortgages and home finance Regulation of insurance FSMA-regulated pensions activity Payment services and systems Fintech and cryptoassets LexTalk® Financial Services: a Lexis®Nexis community Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Latest Q&As UK, EU and international regulators and bodies FCA and HoL FSRC exchange on a new strategy to strengthen competitiveness and growth in the UK's financial services sector On...

ARCHIVED: This Practice Note is archived and is not maintained. Commercial skills Commercial skills for complex government projects (National Audit Office) reviews the extent of commercial capability across government and the measures then being pursued by the Office of Government Commerce (OGC) (now the Crown Commercial Service) and departments to strengthen it. ‘Commercial skills’ are defined as ‘the ability to interact on equal and professional terms with the private sector’. The National Audit Office (NAO) considers these skills essential to achieving value for money within the government’s major projects portfolio (valued at £200bn at the time) and other complex initiatives. Projects should be delivered by teams with strong commercial aptitude, and must be approved, led and governed by senior civil servants and departmental boards with commercial awareness. In a separately published Appendix 2 to the report, the NAO lists government projects that it and the Public Accounts Committee identified as experiencing delays and poor value for money owing to a lack of appropriate commercial skills and...

What is a local authority audit? External audit of local authorities is essential to the proper safeguarding of public funds. In England, this role is outsourced to accountancy firms and is governed by the Local Audit and Accountability Act 2014 (LAAA 2014). Public Sector Appointments Ltd (PSAA) (see below) awards contracts to firms on a standard five‑year basis, having let engagements for the period 2018/29–2022/23 and, most recently, for 2023/2024–2027/28. Under PSAA’s arrangements, appointments run for five years and PSAA sets the audit fees for specific bodies. Within each firm, the individual engagement lead must be accredited by the ICAEW as a Key Audit Partner. That accreditation is granted only where the individual has the necessary experience of local audit bodies and a commitment to spend the vast majority of their time on such audits. The Financial Reporting Council oversees the quality of the audit work undertaken. The scope of a local authority audit is significantly broader than that of a commercial audit. Every five years, the National Audit...