PracticeAuditInvestors crucial to new audit code’s success, says GT

Investors crucial to new audit code's success, says GT

Firm warns that new governance code for audit will need investors to be proactive

The success of a new audit governance code hinges on the willingness of
investors to engage in “meaningful and sustained dialogue” with the profession,
warns Grant
Thornton
.

Responding to a consultation document on an Audit Firm Governance Code, the
firm said it agreed with its principles but there were “practical issues” to
resolve.

“At Grant Thornton we have already established a committee to begin
implementing the anticipated Code provisions, indeed we already apply most of
the principles already, but believe that there are significant benefits to be
had from greater dialogue between investors and audit firms,” said Grant
Thornton’s partnership oversight board chair Steve Maslin.

The code sets out principles around topics including independence, leadership
of the firms, risk management and whistleblowing.

It will initially apply to firms that audit more than 20 companies listed on
the main market of the
London
Stock Exchange
, and is in its second consultation stage.

Further reading:

View
the consultation document here

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