Regulators to share audit details

Two City regulators have signed an agreement to share confidential information about UK auditors. The Financial Services Authority and the Financial Reporting Council yesterday agreed to allow greater exchange of information about auditors and their reports on UK companies. The regulators are heightening their oversight of audits following the financial crisis. FSA accounting and auditing sector leader, Richard Thorpe, said he was concerned that “some auditors may not be exercising sufficient professional scepticism in their approach.”