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Auditors Must Improve Work On Reports, UK Watchdog Says

Law360, London (December 6, 2018, 2:40 PM GMT) -- The U.K.’s largest accounting companies are failing to properly scrutinize statements made by businesses about their financial health, according to a report published by the Financial Reporting Council on Thursday.

The accounting watchdog said auditors are often not doing enough to check that statements made in the "other information" section of company reports — which offers guidance about the future prospects of a business — match financial statements and do not mislead investors.

The regulator said it had seen audits in which there was “limited or no evidence” of work on the "front end" of an annual report, which sets out non-financial information. The...

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