Audit Inspection Unit director dismisses E&Y's suggestions that audit reports of leading firms should be clearer
The director of the Audit Inspection Unit has dismissed suggestions from Ernst & Young that the reports on audit services of leading firms should be improved and made clearer.
The AIU published its in-depth reviews on the seven biggest UK firms for the first time this week.
The AIU, part of the Professional Oversight Board within the Financial Reporting Council, said that the audit firms’ practices were generally acceptable, but the reports also highlighted a series of flaws.
In its response to the review, E&Y said that it hoped the criteria on which auditors are judged in public reports would ‘develop over time’. It said it would ‘continue to work closely’ with the AIU.
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