The Financial Reporting Council has published the results of the first of two thematic inspection reviews undertaken by its Audit Quality Review team during 2013. The review examined auditors' consideration and application of materiality. The FRC's report identifies a number of key messages for audit firms and audit committees: see here (pdf). A short overview of the report is available here.
Tuesday, 17 December 2013
UK: FRC review of auditors' consideration and application of materiality
The Financial Reporting Council has published the results of the first of two thematic inspection reviews undertaken by its Audit Quality Review team during 2013. The review examined auditors' consideration and application of materiality. The FRC's report identifies a number of key messages for audit firms and audit committees: see here (pdf). A short overview of the report is available here.
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