The Financial Reporting Council has published the 2016/17 edition of its annual audit developments report. A copy of the full report is available here (pdf) and a summary is available here (pdf). The report notes that the FRC issued more than £14.2 million of sanctions on auditors and audit firms in 2016/17. These sanctions, and the rest of the FRC's work, demonstrate the importance of auditors' professional scepticism and their ability to sufficiently challenge management in an independent and objective way.
Friday, 28 July 2017
UK: FRC report - developments in audit 2016/17
The Financial Reporting Council has published the 2016/17 edition of its annual audit developments report. A copy of the full report is available here (pdf) and a summary is available here (pdf). The report notes that the FRC issued more than £14.2 million of sanctions on auditors and audit firms in 2016/17. These sanctions, and the rest of the FRC's work, demonstrate the importance of auditors' professional scepticism and their ability to sufficiently challenge management in an independent and objective way.
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