UK Audit Firms Told To improve Quality Of Checks

Law360, London (May 6, 2020, 12:04 PM BST) -- Accounting companies must get better at identifying poor quality audits to avoid misleading shareholders and members of the public, the Financial Reporting Council warned on Wednesday.

Most of the six biggest accounting firms are simply reviewing the judgment in the audit after it is finished, rather than running quality checks on company accounts before or during the audit assessment itself to look for potential errors, the FRC said in its first report on quality indicators.

The regulator also found discrepancies between the choice of indicators for highlighting poor practices, which makes comparisons difficult.

"Tools for flagging signs of poor quality audits...

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