FRC announces 2019/20 audit thematic reviews
Released 15 November 2018
The Financial Reporting Council (FRC) has announced it will undertake two thematic reviews in 2019/20 focussing on aspects of audit practice.
The thematic review topics are:
•Audit Quality Indicators (AQIs): An assessment of the development and use of AQIs by UK audit firms. This review commenced during the 2018/19 inspection programme and will be delivered in 2019/20.
•The use of technology in audits. The FCA reported on firms’ use of data analytics in January 2017. It will revisit the progress that the firms have made since, how the use of technology has widened beyond data analytics and the potential impact upon audit quality.
The FRC will publish its 2018/19 thematic review of “The Auditors Work on Other Information in the Annual Report” later in 2018, followed by a report on Audit Firm Transparency Reporting in the first quarter of 2019.
For more information, see FRC announces 2019/20 audit thematic reviews, priority sectors and audit areas of focus.