Audit updates: July 2016

News in the audit sector include audit quality inspections reports, FRC criticises handling of revenue recognition and supplier agreements, KPMG rapped for ethical issues over non-audit services

FRC audit inspection reports flag revenue recognition as problematic

Poor reporting of revenue recognition and problematic interpretations of complex supplier arrangements in the retail sector are the major issues highlighted in the latest audit inspection (AQI) reports into the Big Four and mid-tier audit firms, released by the Financial Reporting Council (FRC).

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FRC audit inspection reports flag revenue recognition as problematic

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