News May 2021 The Audit of Cash Flow Statement

The Audit of Cash Flow Statement

19 May 2021
The Financial Reporting Council (FRC) has today published a Thematic Briefing: The audit of cash flow statements. The briefing document highlights the results of the FRC's Constructive Engagement key findings and the steps taken by audit firms to strengthen the audit of cash flow statements.
 
The FRC’s Executive Director of Supervision, David Rule said:
 

“Errors in cash flow statements remain a recurring issue in Constructive Engagement cases. The steps taken by audit firms to strengthen the audit of cash flow statements are a good response to prevent the need for restatements and errors occurring. It is recommended that all audit firms carefully look at how they undertake the audit of cash flow statements.”

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