Lasting Powers of Attorney: recent key developments
Seismic shifts in the audit and accountancy regulatory landscape were set in motion last year, which are expected to continue to take shape and impact the sector during 2022.
The FRC has published a new paper aimed at audit firms and audit stakeholders containing best practice principles concerning how a good audit should be conducted and the elements indicative of a high performing audit practice.
The Financial Reporting Council (the ‘FRC’) has published its Annual Enforcement Review 2021 (the ‘review’). We highlight the key trends in relation to the Enforcement Division’s activities during the past year, observations in relation to the FRC’s adoption of constructive engagement as a means of early resolution of matters, trends regarding sanctions imposed by the FRC, and priority areas of concern identified by the FRC, which are likely to impact its enforcement work over the coming year.
In the second blog of our audit series, Julie Matheson and Sarah Harris discuss the FRC’s recent Audit Quality Inspection report, describe how the FRC uses its powers to uphold audit quality and provide some tips on what to do if the FRC opines that one of your firm’s audits needs more than limited improvements.
Julie Matheson and Lucinda Soon consider the implications of the EU-UK Trade and Cooperation Agreement on UK accountants providing services in the EU.
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