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March 30, 2016

News brief: UK FRC launch consultation on audit enforcement procedure

By Vincent Huck

Ahead of the EU audit regulation and directive coming into effect in June of this year, the UK Financial reporting Council (UK FRC), has launched a consultation on proposals for the audit enforcement procedure.

The procedure will apply to the investigation and sanctioning of breaches of the various requirements of the statutory auditors of Public Interest Entities.

The proposed new Audit Enforcement Procedure will, in relation to statutory audit cases, replace the FRC’s existing sanctions procedure and disciplinary tribunal scheme and will provide a single, streamlined procedure for audit enforcement.

The proposed changes can be found here

The consultation is open until 4 May 2016

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