This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

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.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.