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The UK accounting watchdog is considering expanding auditors’ responsibilities by requiring them to examine the entirety of companies’ annual reports and accounts in an attempt to strengthen shareholder confidence in the auditing process.
The Financial Reporting Council plans to launch an internal consultation to scrutinise the work done by auditors to ensure that the information contained in companies’ strategic reports, director reports and corporate governance statements are not materially mis-stated.
Stephen Haddrill, chief executive of the FRC, said one of the considerations will be whether companies’ annual report and accounts should be “audited front to back”.
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