First review of the culture of audit companies by the Financial Reporting Council sets a path for it to monitor and act if improvements fail to emerge.
Greater consideration must be made by auditors into embedding a culture where integrity and professional scepticism are fundamental to their work, according to a new report by accounting watchdog the Financial Reporting Council (FRC).
Its report, Audit Culture Thematic Review, notes that additional prominence be given to underpinning key tenets of good audit practice into firms’ overall culture, including objectivity, independence and scepticism.
All audit partners and staff must appreciate that a good audit is of “significant societal value” and supports transparency in the business world.
However, while poor work must be sanc
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