AFRC urges auditors and audit committees to follow Guidance Notes on Change of Auditors

28 Sep, 2023

The Accounting and Financial Reporting Council (AFRC) has been closely monitoring the phenomenon of late auditor resignations and its adverse impact on audit quality. In view of the remaining concerns arising from the issue, the AFRC published today the paper titled “AFRC Addresses Concerns Surrounding Auditor Changes” (“the Paper”) and the Guidance Notes on Change of Auditors (“the Guidance Notes”).

The AFRC urges auditors and audit committees of listed companies to remain vigilant about the remaining issues raised in the Paper and to follow the Guidance Notes so as to uphold audit quality. Given the importance of audit quality on market confidence, the AFRC reminds PIE auditors taking on late engagements to maintain a heightened awareness of the AFRC’s expectations of them.

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