Friday 15 July 2016

UK: FRC report - developments in audit 2015/16

The Financial Reporting Council, as the competent authority for audit within the EU statutory audit framework, has published a report titled Developments in Audit: An Overview 2015/16. A copy of the full report is available here (pdf) and an overview is available here (pdf). The central message appears to be: confidence in audit has grown but there is more to be done in improving good practice in firms and in terms of market competition. A separate report has also been published and explains the results of research exploring stakeholder confidence in the audit: see here (pdf).

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