FSA plans 'appropriate improvements' to work of auditors

01 July 2010 at 16:36

FSA plans 'appropriate improvements' to work of auditors Efforts by the Financial Services Authority (FSA) to improve the work carried out by auditors should lead to "appropriate improvements", it has been suggested.

Stephen Haddrill, chief executive of the Financial Reporting Council, made the comment after it was announced that the organisation and the FSA had teamed up to publish a discussion paper on the financial services compliance issue.

He said that proposals in the document for further levels of engagement between auditors and the regulator should bring benefits, while improvements have also been seen in certain disclosures in recent times.

However, he added: "These improvements should have been achieved earlier and with less intervention.

"This is a key lesson we believe auditors can help firms respond to as disclosures required in relation to critical risks and judgments evolve."

The launch of the discussion paper has come after the FSA recently confirmed new rules to ensure vulnerable mortgage customers or those entering sale and rent back agreements are protected.

Posted by Claire Robin ADNFCR-3006-ID-19868272-ADNFCR

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