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FRC Key Facts and Trends report: Focus must remain on improving audit quality, says ICAEW

Author: ICAEW

Published: 05 Aug 2022

Commenting on the FRC’s Key Facts and Trends report, published today (Friday 5 August 2022), Iain Wright, ICAEW Managing Director, Reputation and Influence, said:

“We’re pleased to see that the audit market is shifting and opening up, but the focus must remain on improving quality, while assuring investors and other stakeholders that the UK is still the best place in the world to do business. While it’s desirable that more firms enter the market for larger and complex audits – and are supported to do so – it is equally important that firms are not discouraged from retaining or taking on high-risk audits.

“At a time of economic uncertainty, the accountancy profession is an asset for the UK economy, and our solid membership growth, more competition and choice in the audit market and strong UK student pipeline are positive signs.

“We hope the regulator will continue to work with the profession to support the improvements needed to drive up quality, choice and resilience in the market.”