April 10, 2018 / 6:13 AM / 5 months ago

BRIEF-Financial Reporting Council steps up vigilance of auditors

April 10 (Reuters) -

* FINANCIAL REPORTING COUNCIL (FRC) HAS ANNOUNCED PLANS TO ENHANCE ITS MONITORING OF SIX LARGEST AUDIT FIRMS TO AVOID SYSTEMATIC DEFICIENCIES WITHIN FIRMS’ NETWORKS, DISRUPTION IN PROVISION OF STATUTORY AUDIT SERVICES AND INSTABILITY IN FINANCIAL SECTOR.

* FRC WILL SET OUT ITS EXPECTATIONS OF EACH AUDIT FIRM AND USE EVIDENCE IT GAINS TO INFORM ITS SUPERVISION PROGRAMME FOR THESE FIRMS. FRC WILL FOCUS ITS ATTENTION ON FIVE KEY PILLARS THAT ARE CRITICAL TO STABILITY OF AUDIT FIRMS AND QUALITY OF AUDIT WORK

* THESE ARE LEADERSHIP AND GOVERNANCE; VALUES AND BEHAVIOURS; BUSINESS MODELS AND FINANCIAL SOUNDNESS; RISK MANAGEMENT AND CONTROL; AND EVIDENCE ON AUDIT QUALITY

* SPECIFIC REPORTS IN JUNE AND SUMMARISED IN ANNUAL DEVELOPMENTS IN AUDIT REPORT IN JULY. Source text for Eikon: Further company coverage: [ ] (Reporting By Sinead Cruise)

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