Most audit firms could improve the quality of
disclosures in their transparency reports, according to the UK
Professional Oversight Board (POB).
The POB has published a review of the first
set of mandatory transparency reports produced by auditors of
public interest entities.
The EU Statutory Audit Directive introduced
the mandatory transparency reports for financial years beginning on
or after 6 April 2008.
POB chair Barbara Mills said the quality of
the mandatory transparency reports was higher than voluntary
reports produced in previous years.
She added that most firms could improve the
quality of their disclosures, particularly regarding independence
policies, financial information and international network
arrangements.
“We remain of the view that firms could make
more use of their transparency reports to distinguish between
themselves and to compete on audit quality,” Mills added.
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