BDO pleased with the first public reports from the Audit Inspection Unit

BDO today welcomed the first public reports from the Audit Inspection Unit (AIU) as an important step for audit transparency following the release of reports on seven of the UK’s major accountancy firms.

Simon Michaels, Managing Partner, BDO commented:  “We think audit quality deserves a high priority and welcome the AIU’s first public reports on the UK’s major audit firms as a milestone in audit transparency.

“We continue to win a greater share of audits in the listed and privately owned corporate market and are pleased that the AIU concludes our ‘firm’s strategy, communications and actions demonstrate the importance the firm attaches to achieving high quality audits’.” 

Michaels goes on to say “We were one of the first to call for the AIU’s reports to be made public and believe the reports should:
 
- help audit committees to make better informed decisions about audit appointments,
- give end-users greater confidence in the integrity of company audits,
- enhance the reputation of the auditing profession; and
- provide individual firms with a valuable external perspective on how to improve their own practices. 

The report does not identify any issues with the audit opinions issued by the firm or with the extent of work performed by our audit teams. The AIU was generally satisfied with the audit evidence obtained and the basis on which significant audit judgements were exercised. 

Graham Clayworth, Head of Public Policy at BDO commented:  “We have already implemented the AIU’s recommendations. We take all feedback seriously and believe that the AIU’s observations will assist us in achieving the shared objective of improving audit quality and we are committed to working with it to ensure the processes and approach continue to be improved.”

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For more information, please contact Lindsay Kennedy at BDO on 020 7893 3989 or email lindsay.kennedy@bdo.co.uk.  Alternatively, please contact Rebecca Harper or Jan Singleton at Blue Rubicon on 020 7260 2700 or email rebecca.harper@bluerubicon.com ; jan.singleton@bluerubicon.com 

Notes to editors:
BDO LLP operates across the UK with over 3,000 partners and staff. BDO LLP is a UK limited liability partnership and the UK Member Firm of BDO International. BDO International is a world-wide network of public accounting firms, called BDO Member Firms, serving international clients. Each BDO Member Firm is an independent legal entity in its own country. The Belfast Firm is operated by a separate Partnership.

BDO LLP and BDO - Belfast are both authorised and regulated by the Financial Services Authority to conduct investment business.

BDO is an award winning firm. Recent achievements include:
Audit team of the year, Accountancy Age Awards, 2008
'100 Best Companies to Work For' - The Sunday Times 2008
'Best Workplace UK' - Financial Times 2007
'Top 50 Where Women Want to Work' - The Times 2007
'Employer of the Year' - Accountancy Age Awards 2007
'Global Firm of the Year' - Accountancy Age Awards 2006