Tuesday, 19 July 2011

UK: the AIU's 2010/11 annual report - concerns over audit quality continue

The Professional Oversight Board, part of the Financial Reporting Council, published today the Audit Inspection Unit’s latest annual report: see here (pdf). The AIU reviewed selected aspects of 92 audits in 2010/11 and, compared with last year, reports a reduction in the number of FTSE350 audits requiring significant improvement. However, the overall proportion of audits requiring significant improvement continues to concern the AIU, which outlines various improvements and recommendations in its report.

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