Wednesday, 13 June 2012

UK: POB publishes annual audit quality inspection report

The Professional Oversight Board, part of the Financial Reporting Council, has published its annual report on the audit quality inspections it undertook in 2011/12: see here (pdf). The POB states, amongst other things, that firms must take further action to embed the application of professional scepticism within the audit and that further improvements are required in the standard of auditing in the financial services sector.

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