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FRC publishes scope of Audit Quality Reviews for 2014/15

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21 Feb 2014

The Financial Reporting Council (FRC) has published the scope of independent inspections of individual entities to be undertaken by their Audit Quality Review (AQR) team in 2014/15.

The AQR team monitors the quality of the audits of listed and other major public interest entities and the policies and procedures supporting audit quality at the major audit firms in the UK. The overall objective of their work is “to monitor and promote improvements in the quality of auditing of listed and other major public interest entities”.  The scope of review for 2014/15 includes all UK incorporated companies with listed equity and/or listed debt and those of significant interest to the public. 

Reviews are performed on a risk-based approach and take into account “focus sectors” which the FRC has identified as “support services” and “information technology” (specifically software companies) for the 2014/15 financial year.  Additionally there will be a specific focus on banks and building societies as indicated in the FRC draft Plan and Budget published in December 2013.  As well as being the subject of the AQR review, these focus sectors will also be the subject of the Corporate Reporting Review team of the FRC’s Conduct Committee during 2014/15 when reviewing the directors’ reports and accounts of public and large private companies for compliance with the law.  

Further information on focus sectors and the scope of the AQR reviews for 2014/15 can be obtained from the FRC website.

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