UK auditors told to be more sceptical when assessing company accounts

Quick Summary

The FRC is seeking to improve the guidance and rules governing audit even though proposed legislation to help turn the group into a more effective regulator were only included in the Queen’s Speech this year in draft form.

The FRC said that professional judgment was needed on a range of important areas from risk assessment, fair values and going concern to the interpretations of standards and assessment of evidence.

Sotiris Kroustis, partner and head of public policy at PwC UK, said that professional judgment was “subjective, complex and at the heart of what we do as auditors”.

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Article Details

Author / Journalist: Daniel Thomas

Category: MarketsFinanceInvesting

Topics: Judgments Audit Guidance Quality Financial Been Judgment Standards Auditors Professional

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-23, 13:42:28

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Reading Time: 4 minutes read

Article Length: 654 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 6045

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