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    Home > Top Stories > UK watchdog proposes auditors publish quality indicators
    Top Stories

    UK watchdog proposes auditors publish quality indicators

    Published by Wanda Rich

    Posted on June 22, 2022

    2 min read

    Last updated: February 6, 2026

    Image showcasing the UK Financial Reporting Council's proposal for auditors to publish quality indicators, aimed at improving audit standards following significant corporate collapses.
    Proposed audit quality indicators for UK auditors amidst corporate failures - Global Banking & Finance Review
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    Tags:accountingfinancial reportingcorporate governanceregulatory framework

    Quick Summary

    LONDON (Reuters) – Britain’s accounting watchdog proposed on Wednesday that auditors publish indicators of how well they are performing in a bid to raise standards after a string of corporate failures.

    LONDON (Reuters) – Britain’s accounting watchdog proposed on Wednesday that auditors publish indicators of how well they are performing in a bid to raise standards after a string of corporate failures.

    The collapse of builder Carillion, retailer BHS and cafe chain Patisserie Valerie threw a spotlight on audit quality, prompting the government to propose a string of reforms, but there was no firm legislative timetable.

    The Financial Reporting Council is stepping up pressure on auditors using the powers it already has, focusing on EY, PwC, Deloitte and KPMG, dubbed the Big Four, which audited 94% of the 350 biggest listed companies in 2020.

    “The 11 proposed audit quality indicators (AQIs) would provide stakeholders with a range of comparable indicators on perceived culture within an audit firm, audit quality inspection results, staff workloads, and the level of partners’ involvement in individual audits,” the FRC said in a statement.

    “We propose to also develop a methodological/guidance note to ensure firms describe and measure their AQIs in the same way – we will offer firms the chance to cooperate on developing this guidance after publication of the feedback statement towards the end of 2022.”

    (Reporting by Huw Jones; Editing by Alex Richardson and Edmund Blair)

    Frequently Asked Questions about UK watchdog proposes auditors publish quality indicators

    1What is an auditor?

    An auditor is a professional who examines financial statements and records to ensure accuracy and compliance with established standards and regulations.

    2What are audit quality indicators?

    Audit quality indicators are metrics proposed to assess the performance and effectiveness of audit firms in delivering quality audits.

    3What is the Financial Reporting Council?

    The Financial Reporting Council (FRC) is the regulatory body responsible for overseeing corporate governance and accounting standards in the UK.

    4What is corporate governance?

    Corporate governance refers to the systems and processes that direct and control a company, ensuring accountability and transparency.

    5What is financial reporting?

    Financial reporting is the process of producing statements that disclose an organization's financial status to management, investors, and regulators.

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