Deloitte comments on FRC principles for operational separation of audit practices has been saved
Deloitte comments on FRC principles for operational separation of audit practices
6 July 2020
Commenting on today’s announcement from the Financial Reporting Council (FRC) on its principles for operational separation of the audit practices of the Big Four firms, Stephen Griggs, Deputy CEO and Managing Partner Audit & Assurance at Deloitte UK, said:
“We welcome this clarity from the FRC on the principles of operational separation and will continue working with them to develop our plans over the coming months.
“Deloitte has been consistent in our support for reform. We remain committed to playing our role in delivering change that embraces audit quality, improves choice and restores trust.
“Today’s announcement is an important step towards addressing this, but must also be considered alongside a wider package of reform, including in vital areas such as corporate reporting, the role of directors and the regulatory environment in which we operate. While delays are perhaps understandable due to COVID-19, it is crucial that we do not lose momentum.”
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