Accounts and Audit Regulations 2003

This consultation invites views on the draft consolidation of the Accounts and Audit Regulations 2003 and 4 amending instruments, and incorporation of a series of technical amendments.

The proposed changes include:

• an increase in the threshold below which a body is classed as a smaller body
• a revised procedure for the approval and publication of statements of accounts and other accounting statements
• new provision for the accounts of Passenger Transport Executives
• the removal of criminal penalties for non-compliance with the regulations

The draft also restructures the regulations with the aim of making them easier to follow.

This consultation is part of a regular series of updates to the Accounts and Audit Regulations designed to keep them in line with developments in financial governance, accounting and audit.

Previous updates were made most recently in 2003, 2006, and 2009.