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BA-6-AAS Audit And Assurance

tag 0 Download 10 Pages / 2,419 Words tag 09-07-2021

Questions:

Topic

It could be argued that the external audit process is a dynamic subject that has evolved constantly to deal with the complexities of the businesses being audited. In addition, the auditing profession could be seen as highly regulated, particularly in relation to the audit of listed and public interest entities in the United Kingdom through the work of the Audit Quality Review (“AQR”) team who are a branch of the Financial Reporting Council.

However, despite the many changes that have been made to the external audit process and the constant review of audit quality, the question of the independence of auditors and their objectivity is still a controversial issue.

One Commentator, namely Prem Sikka in the Accountant magazine on 15th June 2016 under the heading “BHS and the silence of the auditors” questioned the current position regarding auditors independence specifically in relation to the role of PriceWaterhouseCoopers (“PWC”)  and their audit of the collapsed retail firm BHS.

Prem Sikka was also very critical of the Financial Reporting Council (“FRC”) that oversees the regulation of the audit profession suggesting that “the FRC has no independence from the big (audit) firms”

Required: 

  1. Discuss the concept of independence and objectivity as it is applied to the external audit process.
  2. Critically evaluate Prem Sikka’s comments relating to the independence of auditors and the role of the FRC in the UK.
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