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Peter Timberlake, Head of Communications
Telephone:
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Rita Carolan, Communications Manager
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Alana Sinnen, Communications Manager
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Audit Committee Chairs believe audit is improving

69/15
23 Nov 2015


Audit Committee Chairs (ACCs) consider that audit quality has improved according to the Audit Committee Chairs Survey 2015. This is the second year of the survey and the first to be overseen by the Financial Reporting Council (FRC).

ACCs scored their auditors highly across all questions. There was also evidence of improvement in all categories with the highest being that of independence and objectivity. The lowest overall scores, for a second year, were for questions on professional scepticism and the auditor’s response to regulatory oversight suggesting there is still some work for firms to do in this area.

The survey was sent to ACCs at all FTSE 350 and at some smaller listed companies to provide a suitable sized sample for the six largest audit firms. Response rates increased from 2014 with nearly half of ACCs completing the survey. 

Notes to editors:

1.    The FRC is responsible for promoting high quality corporate governance and reporting to foster investment.  We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work.  We represent UK interests in international standard-setting.  We also monitor and take action to promote the quality of corporate reporting and auditing.  We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.

2. 


The FRC Audit Quality Inspections Annual Report can be found here:
 
https://www.frc.org.uk/Our-Work/Publications/Audit-Quality-Review/Audit-Quality-Inspections-Annual-Report-2014-15.pdf
 
3.     All Press enquiries should be directed to:
 
  • Peter Timberlake, Head of Communications, on telephone: 020 7492 2397/ 07768 502332, or email: p.timberlake@frc.org.uk.
  • Rita Carolan, Communications Manager, on telephone: 020 7492 2307/ 07428 149096 or email: r.carolan@frc.org.uk.
  • Alana Sinnen, Communications Manager, on telephone: 020 7492 2395/ 07949 000526 or email: a.sinnen@frc.org.uk.






















 


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