Accounts and Audit (Wales) Regulations 2005 c.368

Accounts and Audit (Wales) Regulations 2005 No. 368 (W. 34)

Summary:	These Regulations are made under sections 39 and 58 of the Public Audit (Wales) Act 2004 . They make provision with respect to the accounts and audit of local government bodies in Wales whose accounts are required to be audited in accordance with Part 2 of the 2004 Act (other than local probation boards). The Regulations supersede the Accounts and Audit Regulations 1996 (as amended) which, together with amending Regulations, are revoked from 1 April 2005 (subject to certain savings in relation to the financial year ending 31 March 2005). These Regulations differ in a number of respects from the 1996 Regulations. Of particular note among the changes are the following: a new explicit requirement for local government bodies to be responsible for their financial management and system of internal control (regulation 4); a requirement to follow proper internal audit practices (regulation 6); an increase of the financial threshold above which community councils are required to provide a statement of accounts from �500,000 to �1 million; an increase in the financial threshold above which community councils are required to prepare income and expenditure accounts from �50,000 to �100,000 (regulation 8) and the bringing forward of the deadlines for approval and publication of statements of account for principal authorities in a phased way (regulations 9 and 10).
Made Under:	Local Government Act 2000 (C. 22) - sections 13, 32, 105 and 106 Public Audit (Wales) Act 2004 (c.23) - sections 39 and 58 , after consulting in accordance with section 39(2) of that Act, the Auditor General for Wales, such associations of local authorities as appear to it to be concerned and such bodies of accountants as appear to it to be appropriate
Amending:	Local Authorities (Alternative Arrangements) (Wales) Regulations 2001 (2284) Local Authorities Executive Arrangements (Functions and Responsibilities) (Wales) Regulations 2001 (2291) Accounts and Audit (Amendment) (Wales) Regulations 2001 (3760)
Amending:	Supersede the Accounts and Audit Regulations 1996.
Amended By:	Accounts and Audit (Wales) (Amendment) Regulations 2007 (388)

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