Completion of AIU's 2009/10 Reporting Cycle
News types: Publications
Published: 12 October 2010
POB PN 62
The Professional Oversight Board, part of the Financial Reporting Council, has today published a report on the findings of the Audit Inspection Unit’s (AIU) 2010 inspection of PKF (UK) LLP. This completes the AIU’s 2009/10 reporting cycle.
The report on PKF (UK) LLP covers reviews of firm-wide procedures and individual audits conducted by the AIU between January and April 2010. The individual audits reviewed related to financial years ending between December 2008 and June 2009. Confidential reports on the individual audits reviewed have been issued to the firm. The firm is expected to provide copies of these confidential reports to the directors of the audit clients concerned.
Notes to Editors
The Professional Oversight Board, part of the Financial Reporting Council, has today published a report on the findings of the Audit Inspection Unit’s (AIU) 2010 inspection of PKF (UK) LLP. This completes the AIU’s 2009/10 reporting cycle.
The report on PKF (UK) LLP covers reviews of firm-wide procedures and individual audits conducted by the AIU between January and April 2010. The individual audits reviewed related to financial years ending between December 2008 and June 2009. Confidential reports on the individual audits reviewed have been issued to the firm. The firm is expected to provide copies of these confidential reports to the directors of the audit clients concerned.
Notes to Editors
- The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
- The Professional Oversight Board contributes to the achievement of the Financial Reporting Council’s fundamental aim of promoting confidence in corporate reporting and governance. It has four main responsibilities:
- A statutory obligation to oversee the regulation of auditors by the recognised accountancy bodies;
- The monitoring of the quality of the auditing function in relation to economically significant entities;
- Independent oversight of the regulation of the accountancy profession by the professional accountancy bodies;
- Independent oversight of the regulation of the actuarial profession by the professional actuarial bodies.
- 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 Chair is Dame Barbara Mills DBE QC.
- The four largest audit firms are inspected annually by the AIU and reports on the findings of its 2009/10 inspections were published on 14 September 2010. 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.
Document created under a former FRC operating body.