• Register
Return to: Home > News > Assurance and Accounting > Tender and auditors rotation improve audit confidence: UK FRC

Tender and auditors rotation improve audit confidence: UK FRC

Retendering and rotation of auditors helps improve audit confidence, according to the UK Financial Reporting Council (FRC).

The UK FRC has published its notes on best practice which highlight how audit committees can approach the process to get the best outcome. The best practices are based on the experiences of audit tenders since it has become a mandatory requirement in the UK in 2012.

The UK FRC compiled the guidelines following a number of roundtables it held with audit committee chairs that had recently gone through an audit tender process or were about to do so, also attending were investors and senior audit engagement partners from the larger audit firms.

Melanie McLaren, executive director, Audit and Actuarial Regulation at the FRC, said: “In the UK, and now across Europe, testing the market for audit on a regular basis is required. Even if the current firm is reappointed, the experience of the tender process can reinvigorate the audit approach.”

 

Top Content

    South Africa: sensing new opportunities

    It has been an interesting couple of years for the profession in South Africa. A number of high-profile scandals have brought the profession and the role of auditors into sharp public focus, brewing a distrust towards accountants and a large expectations gap. Joe Pickard reports.

    read more

    Ghana: a quest for consistency

    Ghana’s current economic profile would suggest a fertile landscape for purveyors of accounting services. But inconsistent approaches to compliance and application of standards – coupled with problems in the banking sector and consequent liquidity constraints – have created a challenging environment. Paul Golden writes.

    read more

    Drone technology: audit takes to the skies

    The movement towards a digitised era has already impacted the auditing profession in a number of ways, from blockchain to artificial intelligence. Now firms are taking to sky and using drone technology in their audits. Mishelle Thurai speaks to Big Four firms to find out more.

    read more

    SBC: a new alliance joins the market

    Jonathan Minter speaks to Paul Tutin, chair of founding firm Streets Chartered Accountants, about why the business and its European partners took the decision to launch their own association.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.