The Senior Partner of Mazars, Phil Verity, welcomes the publication of the Financial Reporting Council’s (FRC) Audit Quality Inspection Report on 18 June 2018*:
“We take the responsibility of delivering audit quality to all of our clients extremely seriously and are committed to auditing Public Interest Entities.
We were pleased to see that the good practice examples noted within the Audit Quality Inspection Report included:
- The establishment of an Audit Quality Board (AQB) which focuses exclusively on quality and risk considerations for our audit service line. The AQB is chaired by the Head of Quality and members include the UK Senior Partner; and
- The voluntary adoption of the Audit Firm Governance Code, which provides a benchmark of good governance practice against which we report annually in our Transparency Report**.
As a firm we appreciate the challenge of the FRC review as it provides us with an objective measure of audit quality and, alongside our own internal reviews, aids in the identification of areas we need to further focus on going forward.
We have carefully considered the findings included in the report to ensure we identify and implement any changes we should make to enhance the quality of our work.”
Phil Verity, Mazars UK Senior Partner
** Mazars Transparency Report: https://www.mazars.co.uk/Home/News/Corporate-publications/General-publications/Mazars-UK-Transparency-Report-2016-2017
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Mazars is an international, integrated and independent organisation, specialising in audit, accountancy, advisory, tax and legal services. As of 1st January 2018, Mazars and its correspondents operate throughout 102 countries and territories, of which 86 are part of Mazars’ international integrated partnership and 16 are Mazars correspondent firms and representative offices. The Praxity Alliance offers Mazars operating capacity via professional teams in 21 additional countries. Mazars draws upon the expertise of 20,000 women and men led by 980 partners working from 300 offices worldwide. We assist clients of all sizes, from SMEs to midcaps and global players as well as start-ups and public organisations, at every stage of their development. In the UK, Mazars has approximately 140 partners and over 1,700 employees, and is ranked one of the top 10 firms nationally.
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