New auditor regulatory sanctions proposed

Audit and Technical Partner
Leavitt Walmsley Associates Ltd
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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). 

Recognised Supervisory Bodies (RSBs) are also responsible for ensuring compliance with auditing standards and have an obligation to participate in such work in order that they can maintain their status as a RSB under the Companies Act 2006 (CA06).  In the UK, the RSBs comprise:

  • Chartered Accountants Ir...

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