UK audit firms' technical reviews of IFRS statements

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21 Jun 2005

The United Kingdom Professional Oversight Board for Accountancy – which is part of the UK Financial Reporting Council, under which the UK Accounting Standards Board also operates – has released the report of its review of the auditing function of the Big Four firms.

Although the report relates to auditing issues, one of its recommendations is for greater technical review of IFRS financial statements:

Appropriate input from technical specialists is likely to be particularly important in view of the adoption of International Financial Reporting Standards by listed companies in 2005 (at least in their consolidated accounts). Where this is not already the case, therefore, we believe that the coverage of such technical reviews should be extended to all listed and other higher risk entities and that the firms should consider whether more input from technical specialists is needed.

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