• Register
Return to: Home > News > Regulation > 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

    Brazil: regulation and technology form basis for recovery

    Opportunities in the capital markets and the ever-growing influence of technology are expected to have a significant impact on the Brazilian accounting profession over the next 12 months, writes Paul Golden.

    read more

    Mentoring support and the opportunity to delegate

    Jon Lisby will be known to many from his former role as CEO of Kreston International. Here, he explains the background to his new venture, Global Alliance Advisory Services (GAAS), and how he aims to offer support to alliance CEOs.

    read more

    Global by name, global by nature

    Stephen Heathcote became chief executive officer of PrimeGlobal on 1 June 2019. Robin Amlôt met him to discuss the various new challenges that he has taken on, and his ambitions for the association.

    read more

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    CORONAVIRUS TIMELINE: REACTIONS FROM THE ACCOUNTANCY PROFESSION

    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    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.