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FRC publishes its second survey of extended auditor reporting

  • FRC (United Kingdom Financial Reporting Council) Image

Jan 28, 2016

On January 28, 2016, the Financial Reporting Council (FRC) published the results of its second survey into extended auditor reporting. The survey of 278 FTSE 350 extended auditor’s reports in the UK, which follows an initial survey that was carried out in March 2015, is “intended to highlight new trends, innovations and good practice and to highlight how extended auditor’s reports have continued to develop”.

As well as reviewing the extended auditor’s reports, the FRC also engaged directly with investors “in order to identify those areas of best current practice and those where there is scope for further improvement”.

The results of the first survey indicated that auditors had met the new requirements and “in many cases had made, sometimes quite radical, further changes to auditor’s reports going beyond the changes required by the FRC”.  The FRC comments that in the second year of extended auditor reporting “the pace of innovation has unsurprisingly slowed”.  However it does indicate that there has been a continued development of good quality auditor reporting with more transparent and accessible reporting of audit findings and disclosure of materiality.

The press release and the full survey, Extended auditor’s reports: A further review of experience, are available on the FRC website.

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