117.—(1) After consideration of the relevant professional auditing standards and following consultation with the Director of Audit, the Minister may issue and amend from time to time a code of audit practice in relation to the conduct of an audit and to such related matters as the Minister may consider appropriate.

(2) Notwithstanding the generality of subsection (1), the code may include provisions as regards the consideration of—

(a) the general financial standing of the audited body,

(b) the adequacy of the audited body’s financial systems,

(c) the adequacy of the audited body’s arrangements for preventing and detecting fraud and corruption,

(d) the adequacy of arrangements by a local authority or other body to secure economy and efficiency in the use of resources and of the systems employed by the local authority or other body concerned for the purposes of enabling it to evaluate the effectiveness of its operations.

(3) (a) In carrying out the audit of a local authority or other body, a local government auditor shall comply with the code of audit practice provided for in subsection (1).

(b) Nothing in this Chapter shall prejudice section 15 of the Local Government (Financial Provisions) Act, 1997.