Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Audit definition

What does Audit mean? In asset-based lending, an audit is the lender’s on-site or desktop review of the borrower’s collateral, records and controls to verify the quality and value of funded assets and the accuracy of borrowing-base reporting. It is distinct from a statutory audit of financial statements under the Companies Acts. “Audit” in this context is a descriptive term used in facility documents (also called a collateral audit, field examination or survey), not one defined by legislation or case law. Audits typically occur pre‑lend and periodically during the facility, or on triggers (e.g. covenant breach, rapid growth or acquisition). Scope usually covers receivables...

Local authority auditing in England: external and internal frameworks, appointments, duties, VFM, powers, public rights and backlog measures under the Local Audit and Accountability Act 2014 and NAO Code

Published by a LexisNexis Local Government expert

Practice notes

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 Office defines the scope of local audit work, adding specific additional duties that require the auditor to perform a value for money (VFM) assessment alongside the audit of the financial statements...

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Web page updated on 21/05/2026

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