U.K. audit regulator, the FRC, has fined audit firms and their partners $17.37 million for audit misconduct over the past year.
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Posted inAccounting & Auditing, Artificial Intelligence, Finance, Top Stories, United Kingdom
Auditors who use AI cannot blame the tech for mistakes, says U.K. regulator
The U.K.’s audit regulator has issued what it says is the world’s first guidance on the use of generative AI and agentic AI in auditing. This sets out where AI should and shouldn’t be used in auditing, and why audit firms will not be able to blame the tech if it goes wrong.
Posted inAccounting & Auditing
U.K. audit regulator launches new supervisory model, but wider audit reform questions remain
The U.K. audit regulator has announced a major “evolution” of its audit supervisory model, promising to introduce a more proportionate, effective, and integrated framework.