UK Audit Watchdog Launches Effort to Tackle AI, Simplify Reports

The UK’s accounting watchdog launched a new plan to consolidate efforts to simplify corporate reporting and encourage mid-sized firms to audit publicly-listed companies.

The Financial Reporting Council said the innovation and improvement hub will work with companies and auditors to address challenges such as the use of artificial intelligence in audits. The plan, announced Monday, builds on existing initiatives such as FRC’s scalebox program to draw mid-sized firms into the listed audit market, the watchdog said.

• “There is an important role for regulators to encourage improvement and enable innovation,” FRC CEO Richard Moriarty said in a statement.
• The watchdog ...