Wednesday, 29 May 2013

UK: FRC publishes audit quality inspection report for 2012/13

The Financial Reporting Council today published its Audit Quality Inspection Annual Report for 2012/13: see here (pdf). The report notes an improvement in the overall standard of audit work, but raises concerns with the quality of audits of companies outside of the FTSE350. It also stresses the need for firms to maintain, and in some cases reinforce, professional scepticism. The important role to be performed by the audit committee in respect of professional scepticism is also emphasised.

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