UK: FRC publishes second audit quality thematic review findings and report

The Financial Reporting Council has published the findings for its second audit quality thematic review: see here (pdf). The review focused on two areas: the auditor's identification of and response to fraud risks; and the auditor’s consideration of laws and regulations. Areas for improvement were identified, including an increase focus by auditors on identifying fraud risk factors in both planning and conducting the audit. The report also identifies several areas for audit committees to consider in respect of their oversight of the audit process.