FRC announces plans to enhance monitoring of audit firms in the United Kingdom

The Financial Reporting Council (FRC), responsible for setting accounting and auditing standards in the United Kingdom, has announced plans to enhance its monitoring of the “big six audit firms.” According to the FRC, the objective is to mitigate systematic deficiencies as the country’s largest audit firms are important institutions within a global audit firm network.
The FRC will focus its attention on five key pillars for the 2018/2019 plan. These are: leadership and governance; values and behaviors; business models and financial soundness; risk management and control; and evidence on audit quality.
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