UK accounting watchdog plans to bolster audit firm governance

UK accounting watchdog plans to bolster audit firm governance

a sign for bank street and high-rise offices are seen in the financial district in canary wharf in london britain october 21 2010 reuters luke mcgregor london august 26 reuters britain’s accounting watchdog plans to strengthen significantly its audit firm governance code it said on thursday after a number of issues around audits of uk firms in recent years the financial reporting council’s code applies to the big four accounting firms deloitte a kpmg and pwc and to other firms auditing ftse 350 companies the frc said in a statement in future it will also apply to firms which audit other types of public interest entities the frc said audit firms which have applied the audit firm governance code have used it as a catalyst for introducing both external challenge into their operations and for improved levels of oversight said frc executive director of regulatory standards mark bamington these proposals will provide a springboard for further progress in improving audit quality and market resilience government-backed reviews proposed a shake-up of the industry after retailer bhs and builder carillion collapsed following big four audits the frc this week fined a 3.5 million pounds 4.81 million dollars for failing to challenge financial statements in its audit of transport group stagecoach groups sgc.l in 2017. read more the watchdog is consulting on the proposals which include clarifying the role played by partnership boards and holding management to account and separating the roles of board chair and senior partner or chief executive one dollar equals 0.7273 pounds
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UK accounting watchdog plans to bolster audit firm governance

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