Annual audit quality inspection
reports for Big Four firms, EU presidency calls for six-year audit
rotation, ISA 700 revision signals end of binary audits, competition
powers for FRC
PwC needs to improve consistency in audit
PwC has been told to improve its performance in a number of
areas following the latest in-depth inspection from the Financial
Reporting Council's (FRC) audit quality review team.
Among the areas singled out for 'particular attention' in PwC's
Audit Quality Inspection (AQI) are 'ensuring that the firm's change
programme does not have an adverse impact on audit quality', 'undertaking
measures to improve compliance with personal independence requirements'
and 'improving the effectiveness of the engagement quality control
review process'.
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