The Financial Reporting Council has this week published its Fifth Progress Report on the implementation of the Recommendations of the Market Participants Group (MPG) and other relevant developments.
Progress made in implementing the MPG Recommendations since the October 2010 update includes:
- The release by the Audit Firm Governance Working Party of its best practice code on the governance of audit firms; and
- Improved transparency reporting by the majority of relevant audit firms.
International developments include the announcement by the European Commission of a Green Paper on auditing and the expected passage of the Restoring American Financial Stability Bill, which should allow for easier co-operation between US and European regulators.