George: why audit firm inspections by regulator must raise standards

As EU regulations on audit are tightened up and listed companies face increasing pressure and mandatory requirements to retender their audits, Paul George, executive director of conduct at the Financial Reporting Council (FRC), stresses the importance of annual audit quality inspections to maintain audit quality

The UK audit landscape is undergoing change. In 2013 the Competition and Markets Authority (CMA) concluded its investigation into the competitiveness of the large company audit market and from mid-2016 the new European Audit Regulation and Directive (ARD) becomes effective. Consequently changes will be required to standards and codes, set by the Financial Reporting Council (FRC), and there will be significant changes to the inspection regime.

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