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Accounting and Corporate Regulatory Authority

Audit Firms urged to further improve quality of their audits

Audience

Accountants

Accounting entities

News Topic

Accounting standards and sector regulation

Category

Press release

22 September 2015

This article has been migrated from an earlier version of the site and may display formatting inconsistencies.

It notes an overall general improvement in the audits of listed companies. Larger audit firms were found to have placed a greater emphasis on audit quality. There was also greater involvement of audit partners in the audit process.  However, some smaller audit firms auditing non-listed companies were found to have recurring audit deficiencies in areas such as revenue recognition, fair value measurements and construction contracts.

Download the press release (opens in new tab) (PDF, 244KB) for more information.