In 2021 we reported our particular concern that the complexity of valuation arrangements around property in particular generated levels of audit work disproportionate to the risks faced by authorities. Mazars described how these accounting values had limited importance to local authorities themselves, but highlighted the ‘consistent message’ from the FRC that auditors must nevertheless strengthen their work on challenging the valuation of property assets.83 The Department said that it had put in place arrangements in December 2022 allowing auditors more flexibility around work on these valuations.84 The Department also highlighted how CIPFA had deferred the implementation of a new accounting standard on the treatment of leases to support sector capacity in the short term, but it was bound by international accounting standards to introduce it at some point.85