Amy Harvey comments on the UK audit watchdogs’ disclosure, which states that in the upcoming financial year in April, there will be new regulatory priorities.
The priorities suggest a greater focus on compliance with corporate reporting and audit quality inspections. Climate risk and some specific industries are amongst them, with fraud risk excluded.
Amy comments that the addition of food producers and gas, water and multi-utilities was "striking"
“This indicates that there may be growing concern over supply chain risks/rising food prices for consumers"
Harvey said the decision to drop fraud risk and broaden last year's going concern focus to risks related to the current economic environment and cash flow statements "reflects the ongoing difficult economic environment".
The full article can be found here: Audit Watchdog Discloses Upcoming Supervisory Focal Areas, Law360 (please note a subscription to Law360 is required to read the article in full).
For any questions relating to this topic, please contact Amy Harvey