The FRC’s Audit Firm Cultural Thematic Review

10 May 2018

We welcome today’s publication of the Financial Reporting Council (FRC) thematic review into the culture of the major audit firms in the UK, which have adopted the Audit Firm Governance Code.

We strongly agree that the delivery of high quality audit is in the public interest and has a wide societal impact; a fact which has never been clearer than it is today. It is incumbent on all major audit firms to continue to ensure that they embed the requisite culture throughout their business practices. We take the responsibility of driving audit quality extremely seriously. Our firm has voluntarily committed to transparency, for which it has been commended by the FRC in today’s thematic review.

We will carefully consider the findings in the report to identify and implement any changes we should make to enhance the quality of our own work. Furthermore, we will continue to proactively engage with business, our peers, and the regulator, to ensure that the audit industry can deliver on its promise of quality, transparency and trust for our clients.