Financial Reporting Council

Financial Reporting Council audit Committee Chairs' views on, and approach to, audit quality January 2022. [Type here]. Liability No party accepts any liability for any loss, damage or costs howsoever arising, whether directly or indirectly, whether in contract, tort or otherwise from any action or decision taken (or not taken) as a result of any person relying on or otherwise using this publication or arising from any omission from it. YouGov plc, 50 Featherstone Street London EC1Y 8RT. Registration no. 3607311. Copyright 2021 YouGov plc. All rights reserved. 1. audit Committee Chairs' views on, and approach to, audit quality Contents Executive Summary .. 4. 2020 research comparison .. 6. 9. The audit landscape in 2021 .. 9. The 12. Aims .. 12. Defining a good quality 13. Differentiating between good service' and a high- quality audit ' .. 16. Selecting an auditor .. 18. Overview .. 18. The tender process .. 19. Key criteria for selecting an auditor.

good quality audit. ACCs were asked to define a good quality audit and identified the following as being important: proper planning – alongside knowledge of the business and the specific sector – communication, and timeliness from the audit team. The lead audit partner also has a significant impact on perceptions of audit quality.

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