Actions
The FRC report contains the firms’ responses to its findings. All highlight the ongoing investment that they are making to their audit training and procedures and the firms’ oversight of the process. Some are undertaking Root Cause analysis to identify and understand the drivers for the identified poor quality audit work. This will be used to make changes to training, work programmes and review processes.
Where necessary the FRC will assess the firms local audit quality action plan and decide whether any additional procedures or increases audit reviews are required at individual firms.
We will be discussing with all firms the results of the reviews and the responses that they are putting in place. We meet with all firms on a regular ongoing basis to discuss delivery of the contract and the quality of audit service provided.