We are committed to ensuring that the quality of the audit work provided by our suppliers is of the highest standards. To promote transparency and encourage best practice, we provide a number of reports on the assessments we make:
- the ‘Quality Review Programme annual report‘ provides an overview of the quality of work across all our audit suppliers;
- an ‘annual regulatory compliance and quality report‘ for each firm providing service on our behalf; and
- a ‘regime compliance monitoring report‘ for each firm on a quarterly (for firms auditing principal bodies) or half-yearly basis (for firms providing limited assurance).
The Regulatory compliance and quality review programme: Annual report 2014 is now available for you to review.
For our reviews of the 2011/12 audits we have relied on:
- suppliers’ systems for ensuring compliance with our regulatory requirements;
- the work of the Financial Reporting Council; and
- suppliers’ internal quality monitoring reviews.
The 2011/12 audits were the last year of Audit Practice audits and staff transferred to the firms on 1 November 2012, the Regulatory compliance and quality review programme: Annual report 2013 is now available for you to review.
The ‘Quality Review Programme: Annual Report 2012‘ sets out the results of our review of the quality of work of all our audit suppliers on the 2010/11 audits. It provides conclusions on the quality of audit work on:
- financial statements;
- whole of government accounts returns;
- value for money (VFM) conclusions;
- health quality accounts; and
- certification of claims and returns for grant-paying bodies.
Our key findings are the risks of audit failure remain low and suppliers are meeting the Commission’s regulatory requirements and continuing to produce work to an acceptable standard.
Earlier audit years
‘Annual regulatory compliance and quality’ and ‘Regime compliance monitoring’ reports are available for the following firms: