FRC’s Audit Inspection Unit to name names?

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The Financial Reporting Councils 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. It had hoped to end consultation on the issue last year, but Freedom of Information amendments to the Companies Bill prompted a rethink. Consultation on the radical new approach is to begin this month, but is unlikely to alter things fundamentally.

These are firm proposals for wh...

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