The UK’s accounting watchdog is trying to help smaller audit firms take on more work with listed companies by temporarily scaling back some of its rules and offering tailored advice on quality improvements.
The effort is part of a “Scalebox” program the Financial Reporting Council launched in 2023 to support smaller audit firms that want to vet public companies’ financial reporting. The biggest accounting firms usually dominate this kind of work.
The FRC monitors audits of large, publicly traded businesses and other companies of national importance known as public interest entities (PIE). This includes companies in the FTSE 350 index, ...
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