“The FRC has positioned the annual publication of its inspection and supervision results as a vital indicator of quality in the audit market. By that measure, over several years now the largest firms have demonstrated real commitment to improvement: the sector has come a long way since Carillion. It would be good to see that hard-won progress consolidated by the government finding the parliamentary time to pass its long-overdue audit reform legislation. High standards of corporate governance and reporting are key to reclaiming the UK’s status as one of the best places in the world to invest and do business.
“I would encourage the FRC to accelerate its ambition to become an improvement regulator which acts in a fair and proportionate way. The principal challenge now is capacity, and regulation must play its part in making audit a profession which attracts and retains the best talent, and in supporting the next tier of firms to enter the market to increase choice and resilience.”
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