FRC Culture Conference Summary
News types: Guidance, Policies and Responsibilities
Published: 13 August 2021
Today, the Financial Reporting Council (FRC) has published a summary document from its recent Culture Conference, held in June, to explore the link between culture and high-quality audit.
The conference, comprised of five virtual sessions with a range of international speakers, explored the following themes:
- Building an audit firm culture that supports high quality audit
- The role of the audit committee
- The importance of a culture of challenge
- Embedding and measuring organisational culture
- Audit firm culture, audit quality and the role of the regulator
The FRC intends to continue to facilitate insights and exchange learnings about audit firm culture and its role in supporting high quality audit and a resilient audit market. Later this year the FRC will also be publishing a ‘Collection of Perspectives’ which will comprise essays from academics, audit firms, regulators, directors and other interested parties. The objective is to highlight the latest thinking from a wide range of stakeholders, identify and share good practice and speed up the pace of change for cultural transformation in the audit profession.