Evidence builds for introduction of new audit committee standards
Financial Reporting Council says new report “lends weight to proposals for reforms in the audit sector”, including new standards for committees.
Image: Shutter_M/Shutterstock
Audit committees should brace themselves for significant change after a new report prompted the UK audit watchdog to suggest it provides support for the introduction of new audit standards.
According to the Financial Reporting Council, the research supports a case for standards that would promote audit quality after audit committee chairs told interviewers they need to improve their understanding of what makes a “good audit”.
It seems the understanding of audit quality may differ from one committee to another. There is also a concern that audit committees—or auditcos—challenge auditors when their work is in the planning stages b
For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda
Related Stories
-
Britain needs a ‘reinvigorated’ equity culture
Standard Life chief executive argues for an equity culture that would see companies focus on sustainability and long-term value for creation.
-
Malaysia’s corporates need to improve governance, says MICG president
Corporate governance among Malaysia's corporates is still below global standards says the president of the Malaysian Institute of Corporate Governance.
-
Work to be done on ethnic diversity of banking and finance
Research finds improvement in the ethnic diversity of talent pipeline for banking and finance, but only a marginal lift in the number of boardroom positions held by non-white directors.
