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GAAP.RUNewsFRC publishes feedback on Audit Quality Framework

FRC publishes feedback on Audit Quality Framework

Publication date: 28 October 2008

Recognizing that audit quality is a dynamic concept and that the drivers and indicators of audit quality may change over time, the FRC stated that it will periodically update the Framework in light of comments received. Comments were invited by 30 June 2008 to support the first review; this press notice summaries the comments received.

Recognizing the importance of audit quality, the FRC issued the “Audit Quality Framework” in February 2008, hoping it could be useful to audit firms, audit committees, regulators, stakeholders and other representatives of the audit profession.