New auditor regulatory sanctions proposed
Just before Christmas the FRC issued its proposals to address poor quality audit work identified in audit quality reviews. Steve Collings offers an initial overview.
On 21 December 2012, the Financial Reporting Council (FRC) published a Consultation Paper 'Auditor Regulatory Sanctions Procedure'. The FRC’s Audit Quality Review (AQR) is responsible for the monitoring of audit work for major audits (listed companies and other major bodies).