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FRC publishes audit inspection reports on Deloitte, Ernst & Young, KPMG and PwC

POB PN 74
15 Jun 2012


The Professional Oversight Board, part of the Financial Reporting Council, has today published the findings of the Audit Inspection Unit’s inspections of the following firms:
 

  • Deloitte LLP
  • Ernst & Young LLP
  • KPMG LLP and KPMG Audit Plc
  • PricewaterhouseCoopers LLP
     

These reports include inspection findings and key messages specific to each firm and set out the AIU’s views on audit quality based on the 2011/12 inspections.

These reports supplement the FRC’s Annual Report on Audit Quality Inspections 2011/12 published on 13 June 2012, and conclude the AIU’s reporting for 2011/12.

These reports are available on the website on the Annual Reports pages.
 

 Notes to editors 

  1. The four largest audit firms are inspected annually by the AIU. Other major firms subject to full scope AIU inspections are inspected over a longer cycle of two to three years, with reports being published on each firm following the end of its inspection cycle. Individual reports are not published on the findings of inspections at firms not subject to full scope AIU inspections (smaller firms).

  2. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.

  3. The Professional Oversight Board has four main responsibilities:
    1. A statutory obligation to oversee the regulation of auditors by the recognised accountancy bodies;
    2. The monitoring of the quality of the auditing function in relation to economically significant entities;
    3. Independent oversight of the regulation of the accountancy profession by the professional accountancy bodies;
    4. Independent oversight of the regulation of the actuarial profession by the professional actuarial bodies.
       
  4. The Professional Oversight Board is independent of the accountancy and actuarial professions. Its members have wide experience of business and the professions, the public sector, accountancy, auditing and actuarial work. The Interim Chair is John Kellas CBE.

  5. Press enquiries should be directed to Paul George, Director of Auditing and Director, Professional Oversight Board on 0207 492 2340. 
     

 


 


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