Financial Accounting News

U.K. Regulator Slams Auditors’ Lack of Transparency

Sept. 26, 2019, 5:21 PM

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...

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