The Financial Reporting Council has published the latest edition of its Developments in Audit publication: see here (pdf). The report explains the FRC's assessment of auditing in the UK and outlines its expectations regarding the improvements that audit firms should make. Two areas where deficiencies in audits continue to be found are in respect of professional sceptisim and challenge of management.
Friday, 19 November 2021
UK: FRC report - developments in audit
The Financial Reporting Council has published the latest edition of its Developments in Audit publication: see here (pdf). The report explains the FRC's assessment of auditing in the UK and outlines its expectations regarding the improvements that audit firms should make. Two areas where deficiencies in audits continue to be found are in respect of professional sceptisim and challenge of management.
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