FRC outlines measures to make SME audits more proportionate

The UK's Financial Reporting Council (FRC) has set out a package of measures intended to make audits more “proportionate” and “efficient” for small and medium-sized enterprises (SMEs). The regulator said the focus is on ensuring audit work better reflects the size and complexity of smaller, less complex businesses. A central plank is new guidance aimed at helping auditors apply existing standards in a way that scales to the business being audited. The FRC is also planning a fresh engagement programme w ...