PracticeAuditInstitutes report drop in dodgy auditors

Institutes report drop in dodgy auditors

The Department for Trade and Industry today released the annual report on audit regulation from the ICAEW, ICAS and ICAI with standards seemingly improving.

Link: Cranfield offers audit committee training

The paper recorded the institute’s 1,080 monitoring visits to audit firms and found that 91% of those inspected required no action or already had plans in place to improve their audit work.

Only 11 firms this year had their registration as auditors withdrawn following a visit compared to last year’s figure of 18.

The number of complaints about audit work also fell from 94 in 2001 to 80 in 2002.

A large emphasis was placed on the monitoring of the biggest audit firms that handle audit work for listed companies with forty-six of the 100 firms registered with the institutes as working with public companies visited.

‘There has been a great deal of debate about the regulatory framework and there are now a number of proposals for change,’ said John Hobbs, chairman of the Joint Audit Committee. ‘Throughout this period the institutes have continued to operate the current arrangements that have a number of features,initiated by the institutes, to safeguard the public interest.’

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