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FRC publishes scope of Audit Quality Reviews for 2015/16

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23 Apr 2015

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 2015/16.

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 2015/16 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 “priority sectors” which, consistent with its Plan and Budget 2015/16 are, insurance, food, drink and consumer goods manufacturers and retailers, companies servicing the extractive industries and business services for the 2015/16 financial year. 

As well as being the subject of the AQR review, these priority sectors will also be the subject of the Corporate Reporting Review team of the FRC’s Conduct Committee during 2015/16 when reviewing the directors’ reports and accounts of public and large private companies for compliance with the law.   

Further information on priority sectors and the scope of the AQR reviews for 2015/16 can be obtained from the FRC website.

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