Watchdog Spotlights Key Deficiencies Dogging Audit Sector

By Lucia Osborne-Crowley (November 19, 2021, 11:27 AM GMT) -- Britain's accounting watchdog said on Friday that audit firms are still failing to challenge management and to exercise professional skepticism, saying that most smaller audit firms are still slipping below standards.

The collapse of high street icon BHS and other companies has prompted the Financial Reporting Council to review the practices and standards of auditors, finding that many still did not exercise professional skepticism. (iStock) The Financial Reporting Council said that a new review found that 10 out of the 16 smaller accounting firms require improvements, which the regulator described as "unacceptable." It also said that the whole audit sector is...

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