Author: Jill Phillips

FRC takes steps to improve audit quality

The Financial Reporting Council has issued a consultation paper on publishing audit quality indicators for the largest UK audit firms. The AQIs would provide users of audited information with more detail on audit firms' efforts to deliver high quality audit. In turn this should increase audit firms' focus on improving audit quality.

The FRC has also published comprehensive professional judgment guidance for auditors to improve how they exercise professional judgement.