The POB has announced significant changes to the way its Audit Inspection Unit (AIU) reports its findings. These include publishing reports on the AIU’s inspections of audit firms and preparing reports on each individual audit prepared by the AIU, which can then be shared by audit firms with their clients. These changes are designed to increase transparency and better cater for shareholders’ expectations.
A consultation document setting out the POB’s plans and inviting views on certain issues has been published and can be found on the Financial Reporting Council’s website. The deadline for responses is 20 September 2007.