17 November 2021

The FRC’s What Makes a Good Audit? report is timely as the audit regulatory landscape readies itself for change

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.

Julie Matheson

5 August 2021

The FRC’s Annual Enforcement Review 2021: key trends and future concerns

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.

Julie Matheson

1 March 2021

Audit reviews: the process, pitfalls and published themes – a focus on FRC Audit Quality Reviews

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

16 July 2020

Audit reviews: the process, pitfalls and published themes

Audit is more in the spotlight than ever.  The financial news pages seem to have a constant stream of stories about corporate collapses, with the inevitable commentary about how the auditor of the collapsed entity is likely to face a regulatory investigation.

Julie Matheson

6 July 2020

The Financial Reporting Council announces its plans for the ‘Big Four’ to ring-fence their audit practices

Following a number of high-profile corporate collapses in the last few years, audit quality has been the  subject of intense regulatory focus.  In recent times, significant changes to audit regulation were proposed by Sir John Kingman; the CMA made recommendations around ‘operational split’; and, late last year, Sir Donald Brydon endorsed the CMA’s suggested approach in recommending the formation of a separate audit industry with its own governing principles.

Julie Matheson

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