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ICAEW comments on Financial Reporting Council’s auditor report proposals

The Financial Reporting Council has published for consultation a document outlining proposed changes to the auditor’s report by including more information on the audit, such as risks of material misstatement, the concept of materiality and scope of the audit.


Commenting on the proposals, Robert Hodgkinson, ICAEW executive director, said:

'There is an increasing demand for information about companies from investors, regulators and other stakeholders. Users want a simple, unambiguous auditor opinion and more information about the audit itself and the audited company. Striking a balance while avoiding more boilerplate is a challenge.'

'It is also possible for auditors to enhance confidence among users by supplementing the audit report with further assurance reporting, which can be designed to cover any aspect of a business that is of particular interest.'

'The FRC’s initiative to look at ways of potentially extending the auditor’s report is one of several proposals currently being considered; this is also an area where international and US standard setters, as well as the European Commission, have proposed changes.'

'ICAEW believes there are clear benefits of having consistent standards across countries. It is therefore important that the FRC’s efforts are coordinated with international work in this area.'

Source: http://www.icaew.com

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