EXPLANATORY NOTE
(This note is not part of the Order)
This Order provides that the Chartered Institute of Public Finance and Accountancy (“CIPFA”) and the Chartered Institute of Management Accountants (“CIMA”) are approved European bodies of accountants for the purposes of section 19(9) of the Public Audit (Wales) Act 2013 (“the Act”).
Consequently, both CIPFA and CIMA will fall within the definition of an “accountancy body” in section 19(9) of the Act. Section 19(4) of the Act provides that the Wales Audit Office may make arrangements with such a body to co-operate with and give assistance to each other or make arrangements for that body and the Auditor General for Wales to co-operate with, and give assistance to, each other.
The Welsh Ministers’ Code of Practice on the carrying out of Regulatory Impact Assessments was considered in relation to this Order. As a result, it was not considered necessary to carry out a regulatory impact assessment as to the likely costs and benefits of complying with this instrument.