The future of audit

In March, The Department for Business, Energy and Industrial Strategy (BEIS) issued a consultation to seek views on the recommendations made by the Independent Review of the Financial Reporting Council by John Kingman, regarding the future of audit regulation in the UK.

Following this, in April Sir Donald Brydon (who was appointed by the government to head its independent review into audit) published his review into the quality and effectiveness of audit.

There seem to be "two issues being debated in Britain today – Brexit and audit”
Sir Donald Brydon

Katherine White, Audit Director, said “We support the government’s general aim of ensuring that we regain - and retain - trust in audit in the UK following recent high-profile corporate failures.”

“The published reviews are inevitably centred on the audits of large and listed companies. We therefore felt it was important that the voices of our clients are heard in the debate and have thus put forward responses to both consultations.”

“Our comments focus on ensuring that the impact of the reforms on small and medium-sized entities is proportionate, protecting our clients from additional red tape in sectors that are already heavily regulated, such as FCA-regulated entities and Charities.”

Eddie Finch, Partner in Buzzacott’s Charity and Not-for Profit team, added, “Many smaller not-for-profit organisations rely on the specialist sector expertise that firms like Buzzacott can offer. We are keen to ensure that these organisations can access this support in a cost-effective way, so that the Trustees know that the funds are being managed well by the Charity without the need to divert resources from delivering their charitable impact to meet rising costs of compliance.”

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