PracticeAuditFRC revamps audit committee guidance

FRC revamps audit committee guidance

FRC releases new consultation document to revise guidance to take forward the audit choice project.

The UK’s accountancy watchdog has unveiled changes to guidance for audit
committees to take forward its project to open up the audit market.

The Financial Reporting Council is concerned by the dominance of the Big
Four, and has proposed a series of changes to the way in which the market
operates.

It
released
a consultation document
today on changes to guidance for audit committees,
which redrafts current guidance in the light of the recommendations of the
Market Participants’ Group, the body tasked by the FRC with taking forward the
audit choice debate.

Further Reading:

Read
the consultation document

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

2d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

1w Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

1m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter