Laura Sharman 26 March 2014

Audited bodies to receive £8m rebate

A rebate of £8m will be distributed across local audit bodies, after the Audit Commission identified a surplus in earnings.

The Audit Commission has been discussing the way it manages any retained earnings prior to its closure March 2014.

Jeremy Newman, chairman of the Audit Commission, said: ‘As decisions have been made along the route to our closure in 2015, it has been possible to project our outgoings and where we have identified a surplus in our retained earnings, we are seeking to return them.

‘It is gratifying to know that we are able to help local audited bodies in a time of financial austerity.’

The £8m will be distributed with immediate effect.

Last week, it was announced that the Local Government Association (LGA) and the Chartered Institute of Public Finance and Accountancy (CIPFA) will take over its statutory services.

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