FRC welcomed publication of practice to enhance dialogue between auditors and supervisors
11 February 2011
The FRC welcomed the publication by the Bank of England and the Financial Services Authority of a draft code of practice designed to enhance the dialogue between auditors and supervisors of FSA regulated firms.
The draft code, which is subject to consultation, will provide a framework to enable regulators and audit firms to work together in an open and collaborative way.
Stephen Haddrill, Chief Executive of the Financial Reporting Council, said: “The FRC was pleased to participate in the Working Group established by the Bank of England to develop a framework for enhancing the relationship and information flows between auditors and supervisors. Implemented successfully, we believe the code will enhance both the effectiveness of the audits of regulated firms and the auditor’s contribution to prudential regulation. We encourage all interested parties to read and respond to the consultation.”
Press release
© FRC
