Lack of professional scepticism pervades Big Four audits, says FRC
The FRC has criticised the Big Four for lack of ‘professional scepticism’ and failure to meet ethical standards in its latest audit inspection report.
Despite the quality of firms’ policies and procedures, the number of audits assessed by the Audit Inspection Unit (AIU) - which forms part of the Financial Reporting Council – as requiring ‘significant improvements’ remains too high, said the report.
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There will never be independence..........
...........whilst the client may select their own auditors.
There will never be independence..........
...........whilst the DIRECTORS may select their own auditors.
There must be a better way. Ideas?
What's new?
Agree totally with those comments.
I for one would like to see the end of retaining the same auditors year in year out for the same companies audits.