Accounting Watchdog Sets Blueprint After Firms Fall Short

By Lucia Osborne-Crowley (November 16, 2021, 2:04 PM GMT) -- Britain's accounting watchdog published its first ever blueprint on Tuesday setting out standards that auditors must meet when reviewing financial firms, saying that 30% of the sector is not meeting acceptable standards.

The Financial Reporting Council said its new guidance aims to tell accounting firms what is required of U.K. auditors in order to meet high-quality audit standards.

The guidance sets out the factors that ensure a proper audit, including challenging management effectively, avoiding conflicts of interest and complying with both the spirit and the letter of the audit rules.

"Trust and integrity have been the cornerstones of Britain retaining its...

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