FRC’s Audit Inspection Unit to name names?
The Financial Reporting Council’s Audit Inspection Unit (AIU) wants to publish many of its future reports, putting the profession under unparalleled levels of public scrutiny. As of 2008 a summary of every report conducted on individual firms will be made available to the public. At present AIU policy is not to publish any part of their reports on individual inspections. Rob Lewis reports.
The demand for greater transparency from the AIU and auditing in general has been building over the last 18 months, the FRC said.