An individual audit is, in effect, a snapshot. Once taken, it is frozen in time. Yet the audit profession is in the early stages of significant and essential change, as it moves towards a culture-based approach. The Financial Reporting Council’s regulatory approach is also adapting to take an assertive supervision and improvement approach to culture, using our ‘four faces’ framework, and this will continue to evolve as our knowledge and maturity increase. ... (cont)
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