Financial Reporting Council says new report “lends weight to proposals for reforms in the audit sector”, including new standards for committees.
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
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