The Financial Reporting Council has this week published its Third Progress Report on the implementation of the recommendations of the Market Participants Group (MPG) and other relevant developments.
Progress achieved in implementation of MPG recommendations following the November 2008 update includes:
- The issue by the Consultative Committee of Accountancy Bodies of the Voluntary Code of Practice on Disclosure of Audit Profitability; and
- The publication by the Audit Inspection Unit (AIU) of public reports on audit firms which had been subject to a full scope AIU review.
Other relevant developments include an exposure draft of revised Ethical Standards and the closure of consultations by the European Commission and the Audit Firm Governance Working Party on, respectively, ownership rules and a governance code for audit firms.