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Reporting on the uncertain: disclosures in annual reports and accounts

Brexit-related disclosures in annual reports and accounts from some of the largest UK companies may be helpful to smaller audit entities and firms.

There is as much fear, uncertainty and doubt around what Brexit may mean for audit firms and their clients as there is around the final Brexit deal itself. Nonetheless, auditors need to plan ahead and communicate with their clients about matters such as whether (and when) to revisit audit plans; reassess key risks faced by the business; review the appropriateness of planned responses to risks; and consider the impact of increased uncertainty and market volatility on audit scope and materiality.

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