by Sarah Rapson
Executive Director of Supervision, UK Financial Reporting Council (FRC)
May 15, 2022
Compendium
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.
Two recent reviews of the UK audit market (the 2018 Kingman Review and the 2019 Brydon Review), prompted by large corporate failures, triggered substantial reform, to improve the quality and effectiveness of audit, increase the chances of preventing unnecessary corporate failures and, in so doing, restore trust in the audit profession.
This content is available to both premium Members and those who register for a free Observer account.
If you are a Member or an Observer of Starling Insights, please sign in below to access this article.
Members enjoy full access to all articles and related content from past editions of the Compendium as well as Starling's special reports. Observers can access a limited number of articles and may purchase articles on an ala carte basis.
You can click the 'Join' button below to become a Member or to register for free as an Observer.
Join The Discussion