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Auditors need to be more sceptical, says FSA

30 June 2010
Written by rosalind renshaw

Auditors looking into financial firms must up their game – and stop being naïve.

The FSA and Financial Reporting Council (FRC) have issued a joint discussion paper about how auditors can contribute to regulation.

Paul Sharma, FSA director of prudential policy, said: “At times, auditors have focused too much on gathering and accepting evidence to support firms’ assertions rather than exercising sufficient professional scepticism in their approach.

“This falls far short of what the FSA – and society at large – expects from auditors.”
 
The deadline for responses to the discussion paper, which is on the FSA website, is September 29.

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