FRC puts out discussion paper on audit quality

A new discussion paper entitled ‘Promoting Audit Quality’ has been published
by the accountancy regulator, the Financial
Reporting Council
(FRC) with the aim of addressing its objective of
promoting and maintaining confidence in the audit process and the resulting
audit report.

This is the first of a number of discussion papers to be published by the FRC
discussing the way it addresses its objectives, and inviting stakeholders and
commentators to comment on the FRC’s approach.

The FRC said audit quality was a key component of the corporate reporting and
governance regime that leads to the effective operation of capital markets.

Comments are invited by 31 March 2007. Thereafter the FRC envisages holding
meetings at which the suggestions that emerge can be discussed and the FRC will
formally consult on any proposals that it intends to take forward. To the extent
that the comments reveal a consensus for change or action that is outside the
FRC’s powers, it will raise those matters with those responsible.

Copies can be downloaded free of charge from the
publications section
of the FRC’s web site.

Further reading:

Firms isolated over real-time reporting 

FRC group to advise on ‘audit choice’

Ouside the box: Transparency is key to accounting

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