Watchdog Renews Call For Audit Firms To Challenge Bosses
Law360, London (November 5, 2019, 12:04 PM GMT) -- Auditing companies should challenge their clients over unrealistic deadlines for finishing the job, the U.K.’s accounting watchdog warned on Tuesday, as it seeks to strengthen the practice in the wake of several high-profile financial collapses.
The Financial Reporting Council has released a report summarizing its work over the past year, including results from an inspection in July which found one in four audits of FTSE 350 companies require improvement.
The FRC singled out PricewaterhouseCoopers and Grant Thornton after that round of inspections, saying they could do better. Only half of Grant Thornton's audits were at at a satisfactory level, the regulator...
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