UK: FRC report - what makes a good audit?

The Financial Reporting Council has today published a report titled "What makes a good audit?": see here (pdf).

The report contains a foreword, from the FRC's chief executive, Sir Jon Thompson, in which he states: "The Financial Reporting Council is often asked what does a good audit look like? This paper sets out our views of the key elements that make up a good audit as a contribution to the debate within audit firms of how they should improve audit quality. As our inspections work has consistently demonstrated, standards of audit quality in the UK are not acceptable, with just 71% of inspected audits meeting the relevant standards. This is not just a UK phenomenon, but a global challenge".