“We strongly agree with the FRC that high quality audit, providing robust assurance, should be the primary objective of the auditing profession. We are pleased that the investment made by audit firms in people, processes and technology, and the educational initiatives and the support provided by ICAEW and the other professional bodies, are paying off. It’s particularly notable that no FTSE 100 company audit needed significant improvement and FTSE 250 audits only required minor improvements, and this sends out a strong positive message to global investors wanting to invest in the UK capital markets.
“The UK economy needs a high quality and resilient audit market to prosper and ensure trust in business. It’s important that firms are not discouraged from retaining or taking on high-risk audits, and that those wanting to grow their market share focus are supported. 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.”
Notes to editors:
The FRC's audit quality review is available here.