FRC publishes a report on developments in audit

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11 Oct, 2018

The Financial Reporting Council (FRC) has published a report on developments in audit.

The report sets out the work that the FRC has undertaken in the last year to drive the delivery of consistent, high quality audit by UK firms, and address the risks that stand in the way of that.

The report covers:

  • audit quality;
  • enforcement;
  • an overview of the UK audit market;
  • a section on stakeholder confidence in audit;
  • a section on the future of audit; and
  • an appendix covering the Big Six firms audit quality performance.

To address identified issues the FRC has announced a strategic programme of work encompassing work on auditor independence, audit quality, the future needs of investors and corporate viability.

A press release and the full report are available on the FRC website

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