ICAEW critical of FRC changes to audit firm governance

Responding to a Financial Reporting Council (FRC) consultation on proposed revisions to the audit firm governance code, ICAEW has warned the changes lack clarity, are excessively prescriptive and extend beyond the Code’s original purpose

The changes to the Code do not meet the needs of the audit profession, says ICAEW, and it wants the changes to be better developed and integrated more closely within the wider audit reform agenda.

The government has still not issued its final decision on wider audit reform and ICAEW would prefer to see any changes to the Code delayed until wider reform plans are made clear to ensure that audit professionals can implement sensible reforms in a coherent way.

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