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FRC urged: Revise criteria and embrace industry’s unstoppable evolution.

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TLDR:

  • The CEO of the Institute of Chartered Accountants in England and Wales (ICAEW) has called on the Financial Reporting Council (FRC) to reevaluate its enforcement criteria.
  • The FRC’s enforcement actions have traditionally focused on ‘misconduct,’ but in recent years the focus has shifted to non-compliance with auditing standards.
  • The ICAEW argues for a balanced approach that considers both professional judgment and cases of gross incompetence or deception.
  • The FRC has imposed record fines in recent years, reflecting a robust enforcement landscape, but the CEO of ICAEW suggests that a more understanding stance would be beneficial.
  • The FRC has emphasized its commitment to improving audit quality standards and taking a balanced approach to enforcement.

The CEO of the ICAEW has called for the FRC to reconsider its enforcement criteria in order to make the accounting profession more attractive and competitive. Currently, the FRC’s enforcement actions focus on non-compliance with auditing standards, but the CEO argues for a more balanced approach that also considers professional judgment. The FRC has imposed record fines in recent years, but the CEO suggests that a more understanding stance would be beneficial. The FRC has emphasized its commitment to improving audit quality standards and taking a balanced approach to enforcement.

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