Registered social landlords (RSLs) are legally required to engage external auditors to review their accounts. The cost of this service for the sector as a whole is substantial and the range of services offered is varied.
Most of the arrangements governing the external audit of RSLs are working well, but there are still issues that the sector and its regulator - the Housing Corporation - should address.
External and internal audit services supplied to RSLs are variable in both scope and quality. The Housing Corporation's review of the Code of Audit Practice is an ideal opportunity to examine the inconsistencies of the sector's audit arrangements. This report's recommendations (see back page) will feed into the Corporation's review.
Included in this report:
- Do current audit arrangements need reviewing?
- What is happening on the ground?
- Recommendations for RSLs