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What does the FRC mean by good-quality audit?

A new paper from the Financial Reporting Council sets out the elements and practices that are key to conducting a good audit.

The paper sets out the FRC’s views on three elements that are key to conducting a good audit.

Others in the corporate reporting ecosystem also have roles to play in audit quality and the paper recognises the contribution of audited entity management and those charged with governance. “A well-governed company, which reports transparently and has clear and robust evidence that underpins that reporting, as well as effective internal controls, is all important in underpinning a high-quality audit.”