A very interesting consultation into the regulation and oversight of foreign audit firms has begun. This comes from EU law, which could mean our very own dignified and esteemed Audit Inspection Unit sends out its officers to ‘inspect’ foreign auditors. Exciting, TS thinks.But before anything is said and/or done, the financial reporting council will lead a consultation to find out what everyone thinks about this.
But just a few days later, as TS was mulling over landing a job as a mysterious foreign inspector, the Department of Trade and Industry came up with its own consultation, on the very same issue!