The Professional Oversight Board, a part of the Financial Reporting Council today reports on its review of audit monitoring by the UK recognised supervisory bodies. This project was an in depth review of the recognised supervisory bodies’ monitoring procedures to complement the Professional Oversight Board’s annual compliance testing of their regulatory systems.
The review concludes that the arrangements and resources applied by the bodies for monitoring fulfils the requirements set out in the Companies Act. In addition, the review identifies areas where the monitoring approach or application of the approach could be improved.
In particular the review recommends that the recognised supervisory bodies should as appropriate:
See full Press Release.
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