ICAEW endorses FRC call to reform UK SME audit practices

ICAEW endorses FRC call to reform UK SME audit practices

The Institute of Chartered Accountants in England and Wales (ICAEW) has endorsed the Financial Reporting Council’s (FRC) decision to enhance the audit practices for small and medium-sized enterprises (SMEs) in the UK.   Findings from an FRC study into the SME audit market have revealed widespread stakeholder concerns regarding the current auditing standards, which perceived as lacking the “scalability and proportionality” to serve SMEs.  The ICA…

FRC warns BDO of need to improve audit quality

The Financial Reporting Council has warned BDO that its audit work is below par - despite improvement from last year. The news comes after the regulator’s annual inspection identified persistent shortcomings in the firm’s audit quality, placing it at the bottom of the class for the UK’s major audit providers.