Spending watchdog the Audit Commission has confirmed it will officially dissolve next March in line with DCLG expectations - after the Local Audit and Accountability Act 2014 gained Royal Assent today.

The Audit Commission is set to wind down on 31 March 2015, almost thirty years to the day after it was established on 1 April 1983.

Audit Commission chairman Jeremy Newman confirmed plans were in place for transferring many of the soon to be abolished body's key residual responsibilities.

Chiefly a new transitional body staffed with relevant Commission staff would oversee the range of current audit contracts which are set to expire in 2016/17, but which could be extended until 2019/20.

The new framework to replace these will include scope for a national procurement route after a successful Local Government Association-led lobbying effort secured an amendment to the Act.