FRC publishes Audit Inspection reports on Baker Tilly, Crowe Clark Whitehill, Mazars and PKF

News types: Company Specific

Published: 10 May 2012

POB PN 72
The Professional Oversight Board, part of the Financial Reporting Council, has today published the findings of the Audit Inspection Unit’s inspections of the following firms:
These reports include the inspection findings and key messages specific to each firm and set out the AIU’s views on audit quality based on the 2011/12 inspections
The FRC’s Annual Report on Audit Quality Inspections 2011/12 will be published in June 2012.
Notes to Editors
  1. The four largest audit firms are inspected annually by the AIU. Other major firms subject to full scope AIU inspections are inspected over a longer cycle of two to three years, with reports being published on each firm following the end of its inspection cycle. Individual reports are not published on the findings of inspections at firms not subject to full scope AIU inspections (smaller firms).
  2. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
    • The Professional Oversight Board has four main responsibilities:
    • A statutory obligation to oversee the regulation of auditors by the recognised accountancy bodies;
    • The monitoring of the quality of the auditing function in relation to economically significant entities;
    • Independent oversight of the regulation of the accountancy profession by the professional accountancy bodies;
    • Independent oversight of the regulation of the actuarial profession by the professional actuarial bodies.
  3. The Professional Oversight Board is independent of the accountancy and actuarial professions. Its members have wide experience of business and the professions, the public sector, accountancy, auditing and actuarial work. The Interim Chair is John Kellas CBE.
Document created under a former FRC operating body.

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