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Doing the right thing

10 May 2018

Big 4 firms need to put more emphasis on the importance of ‘doing the right thing’ in public interest when it comes to audit work, says a new report from the FRC.

The accountancy watchdog said the firms have to create a culture where achieving high quality audit is valued and rewarded.

There appears to be an inference that firms are still focussing too much on providing lucrative consulting services rather than putting enough emphasis on the important role auditing plays in the lifeblood of British business. The FRC said firms need to focus greater attention on “ensuring that all audit partners and staff appreciate that a good audit is of significant societal value and helps underpin transparency.”

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