FSA and FRC Publish Feedback on the Role of Auditors

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On March 10, the UK Financial Services Authority (FSA) and the Financial Reporting Council (FRC) published a joint feedback statement, Enhancing the auditor's contribution to prudential regulation FS11/1, summarizing the responses to their June 2010 joint discussion paper, DP10/3, similarly titled.

DP10/3 was intended to stimulate debate on the contribution that auditors make to prudential regulation. It examined several key areas: (a) promoting dialogue and information-sharing between auditors and supervisors; (b) the application of professional scepticism by auditors; (c) the nature and extent of disclosures about management's key judgements; (d) FSA and FRC powers; and (e) the scope of auditors' reporting.

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