The UK Financial Reporting Council (FRC) has issued a discussion paper on its future approach to supervising audits of financial statements.
It has released a series of proposals, which include: removing the current tiering structure; taking account of the effectiveness of the Systems of Quality Management of audit firms; and introducing a transition period of reduced inspection work on the International Standard of Quality Management (UK) 1 for the largest audit firms.
Stakeholders can respond to the discussion paper by 30 September, and the FRC will host a series of roundtables on the proposals next month.
Companies:UK FRC
