The UK financial reporting watchdog has will single out banks when it
undertakes its yearly inspection of major audits.
The Professional Oversight Board, which is part of the Financial Reporting
Council, said it will place banks in their own category when deciding which
sectors it will inspect this year.
It has also widened the scope of its inspections, which will now include
entities with a group turnover greater than £500m or a turnover in excess of
£100m and external long term debt in excess of £250m.
Each year the board’s Audit Inspection Unit targets particular audits
conducted by the top-eight audit firms in targeted industries.
Dame Barbara Mills, chair of the board said the recession heightened audit
“The Board continues to have regard to the level of public interest involved
and has determined that the level of current public interest in banks means
that these should be included as a separate category.”
Read the full FRC statement:
Professional Oversight Board announces the scope of the Audit Inspection Unit’s
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