In August 2023, the FRC issued a consultation on revisions to their Ethical Standard to further enhance and clarify the principles of integrity, objectivity and independence auditors must abide by. 

The BSA broadly welcome these proposals to the Ethical Standard and sees this as a demonstration of continued commitment by the FRC to improving the quality of audits, which is crucial to all building societies and the economy.

The BSA do, however, remain concerned about the current state of the audit market for building societies, and have outlined arguments for further consideration on how these issues can be addressed. 

You can read our full response here.