U.K. Regulator Slams Auditors’ Lack of Transparency

The U.K. accounting regulator has slammed the quality of auditors’ transparency reports, saying they are too long, too positive and, in some cases, simply ignored.

The Financial Reporting Council published a review of transparency reports by 33 auditors Sept. 26, concluding they weren’t effective. It is calling on auditors to set out more clearly the challenges to delivering high-quality audits and how they have dealt with them.

• Auditors of companies deemed nationally important have been required to publish transparency reports since 2013 detailing their ownership and governance structures and how they maintain their independence, among other data.

• In ...