The Professional Oversight Board, a part of the Financial Reporting Council, today publishes a consultation document on the information which the auditors of public interest entities, in particular listed UK companies, should be required by law to publish. “Transparency” reports should include information on the processes and procedures by which the firm ensures audit quality and auditor independence, on the firm’s structure, governance and network arrangements, and on the way in which the firm remunerates partners.
The consultation will form the basis for the development of regulations to give effect to the requirements on transparency reporting in the revised EU 8th Company Law Directive on the regulation of auditors, which was agreed earlier this year.
See full Press Release.
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