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The Ministry of Housing, Communities and Local Government (MHCLG) has stewardship
of the local government sector in England. Together with the Chartered Institute of
Public Finance and Accountancy (CIPFA), they maintain the statutory guidance on local
authority borrowing and investment. In light of changes in local authority borrowing
and investment patterns, CIPFA and MHCLG updated the prudential code and statutory
guidance in 2018. In addition, local authorities must make appropriate arrangements
for the appointment of an external auditor to give an opinion on their financial statements
as well as arrangements for securing economy, efficiency and effectiveness in its
use of resources. The Public Works Loans Board has no role in monitoring local authority
activities.
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