Outgoing head of the UK Financial Reporting Council Sir Win Bischoff has warned that companies must be prepared to pay more for higher quality audits. His remarks came as he attended the Australian Governance Institute National Conference at the Sofitel Sydney Wentworth, 2-3 September 2019.
Speaking to Australian Financial Review on the sidelines of the event, he said: “As chairman of an audit committee, you’ve got to ask yourself: do you want cheapness or do you want to actually have a really good audit which highlights some of the shortcomings and does not gloss over them.”
As the FRC prepares for its transition into the new UK regulator, ARGA, Sir Win noted there is global demand for ‘regulation [to] be much tougher, and [that] regulators should be seen to be feared’.
