In the context of the consultation on non-audit services currently being undertaken by the Auditing Practices Board and recent public comment concerning the additional services, described as internal audit services or extended assurance services, that some auditors provide in conjunction with an audit, the FRC has written to the larger audit firms to advise them of steps it intends to take to review current market practice.
Paul Boyle, chief executive of the FRC, said: "The FRC believes it is important that audit firms and their clients should be aware of the steps being taken and may want to be cautious before entering into arrangements which stretch the internal/external audit boundary, not least because it could prove to be inconvenient and/or costly to change such arrangements should the outcome of the FRC’s work be that the ethical standards are changed in a way that affects the provision of such services."
The FRC APB intends to take the following steps: The APB and the audit
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