The Financial Reporting Council survey reveals that audit is improving. But there remain key concerns over Big Four dominance of the market and the ability of smaller firms to keep up with the pace of technological change.
Audit in the UK is contentious. As soon as a corporate scandal comes along then the finger pointing starts and after company directors, including non-executives, it is often the auditor who comes under closest scrutiny.
And since the financial crisis there has been an increased focus on audit and auditors as questions emerged asking whether they could have done more to warn of impending trouble.
The European Commission reacted with new legislation bringing in the EU Audit Directive this year, which capped fees for auditors from non-audit services, limited the alternative services they can provide to audit clients and restricted the time
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