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The Financial Reporting Council (the FRC) today publishes the results of its survey (Survey) on implementation progress by Public Interest Entity (PIE) Auditors (the PIE Auditors) for the new and revised quality management standards (the new QMSs).  The new QMSs are internationally aligned and will be effective from 15 December 2022. They require more proactive audit quality management at the firm and engagement levels and aim to enhance the effectiveness of the engagement quality control reviews and monitoring and remediation activities performed at the firm level to assure the quality of the audits performed.

Dr Kelvin Wong, Chairman of the FRC remarked, “The accounting and auditing profession is facing challenges under the current market uncertainties, which might impose further risks to audit quality. However, the profession should take every opportunity to improve their quality by aligning with the latest international standards. PIE Auditors' proactive response to our report findings is crucial to the audit quality in the market as a whole. The FRC will continue to drive improvements on regulatees' behaviour in order to foster a healthy and sustainable development of the accounting profession."

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