PracticeAuditHaddrill re-examines audit role

Haddrill re-examines audit role

Audit report in for review

The head of the UK’s reporting watchdog has announced a fundamental rethink
on the role of audit in speech to senior finance figures last night.

Stephen Haddrill, chief executive at the Financial Reporting Council, said he
would canvass opinion on the adequacy of the audit report, whether there needs
to be more assurance around risks and if auditors can open dialogue with
investors.

He said increasing foreign ownership of UK companies made it increasingly
important to strengthen market oversight.

“Overseas investors are taking a larger share in the equity of our markets.
So as influence is lost, good corporate reporting and strong auditor oversight
become all the more important,” he said.

“Do we need to change the form of the audit report?”

Auditors are increasingly looking for ways to extend their audit services to
answer some of the concerns which drew out of the crisis.

Read the full FRC statement:
FRC Chief
Executive says it is time to review whether the value of the audit can be
enhanced

Further reading:
Senior
auditors renew calls for liability reforms

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