Introduction from Martin Muirhead, Senior Partner
I am pleased to present the firm’s transparency report for the year ended 30 April 2018, which has been prepared in accordance with the Transparency Report provisions of Article 13 of the Audit Regulation issued in 2014 by the European Union.
This report is designed to provide an overview of our structure and governance, our values as a firm and the policies and procedures we have in place to ensure the maintenance of audit quality, including compliance with auditing and ethical standards.
The profession has come increasingly under fire in recent months as a result of events such as the collapse of Carillion. As a profession we need to promote choice and competition whilst maintaining the highest standards. Ensuring businesses have adequate choice is likely to lead to regulatory changes to encourage more firms to participate in the audit market, be this for public interest entities, larger private Companies or SME’s.
The outcome of these discussions is likely to reshape the audit market for the greater good. We are fully participating in these discussions and will embrace the changing market.
The impact on business, and the EU as a whole, of the decision to leave the European Union is still very uncertain with little certainty emerging from the continuing negotiations. We continue to support our clients with the best possible advice, based on a full understanding of their needs and the environment in which they operate. As required by Article 13, I confirm on behalf of the
Executive Board that:
- our internal quality control systems are functioning effectively;
- our independence practices are appropriate and have been subject to an internal compliance review; and
- we have policies and procedures in place to ensure that the continuing education of statutory auditors is as required by relevant law, regulation and professional standards.
Previous Transparency Reports: