The FRC and its Audit Inspection Unit are facing unprecedented pressure to
publish inspection reports on individual firms after another major accountancy
player called for greater transparency in the regulatory process.
In a letter to Accountancy Age, Jeremy Boadle, managing director of
tax and business services at Smith & Williamson, said the FRC owed it to the
public to disclose the AIU’s findings on individual firms.
‘It is only right that this information is in the public domain and in my
view clients deserve nothing less. Such transparency should genuinely benefit UK
plc and, ultimately, the broader economy,’ said Boadle.
He argued that by making the AIU’s findings completely transparent, the FRC
would go a long way to showing that firms outside the Big Four had the ability
to deliver quality audits.
‘It would be helpful if the profession’s independent reviews of audit
practices could be published, as this would confirm the robust quality of work
provided by firms immediately below the Big Four,’ said Boadle.
Boadle’s comments follow earlier calls from BDO Stoy Hayward managing
partner, Jeremy Newman, and Grant Thornton chief executive, Michael Cleary, for
the AIU to make its findings public.
The FRC is consulting on the work of the AIU. The consultation closes on 22
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