FRC publishes inspection key findings and good practices
News types: Generic Announcement, Guidance, Inspection
Published: 27 May 2022
The Financial Reporting Council (FRC) has today published anonymised key findings and good practices reported by its Audit Quality Review (AQR) team in relation to their 2020/21 audit quality inspections at the seven largest audit firms. This supports our objective of being an improvement regulator. The purpose of these documents is to share with auditors, audit committees, investors and other users of audited financial statements the nature of the key findings and good practices reported on the individual audits inspected (while observing the legal confidentiality requirements which apply to the reports concerned).
We believe that publishing this material will facilitate informed dialogue with audit committee chairs and others regarding the FRC’s inspection approach, how we assess the significance of AQR findings and how we report on them, both privately and publicly.