The Financial Services Authority (FSA) and the
Financial Reporting Council (FRC) have expanded the information
they can exchange to improve audit oversight.

In a new agreement, which follows the
publication of a joint discussion paper on the audit of financial
institutions published in June 2010, there will be a closer working
relationship between the FSA and the FRC’s Audit Inspection

This collaboration is designed to help both
bodies address concerns raised about the audit of banks during the
financial crisis.

PwC said it supports the FSA and FRC’s
new agreement as it underlines the importance of regulators
cooperating both domestically and across borders.

However, in backing the agreement, PwC repeated its challenge
to the FSA’s suggestion that the accounting profession was not
showing enough ‘scepticism’ when signing off accounts.

“When it comes to professional scepticism, the FSA’s
perspective appears to be different to the auditing profession’s,”
PwC’s head of public policy and regulatory affairs Pauline Wallace

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We view our role as one of ensuring management has
appropriate robust evidence to support its assumptions – It is not
for us to present an alternative view and try to get management to
accept it as better than theirs,” Wallace added.

PwC said it remains committed to cooperation with the
regulators to guarantee audit quality in the UK remains at a high
level, while striving for continuous improvement.