ABSTRACT
The chapter examines the roles and explores the functions of the financial watchdogs, including: Financial Reporting Council, Financial Conduct Authority, Prudential Regulation Authority, The Pensions Regulator, The Equality and Human Rights Committee, Department of Business (BEIS), Insolvency Service, Serious Fraud Office and the Information Commissioner’s Office. The House of Commons Parliamentary Select Committees are acknowledged as having an increasingly important role performing an external check on the financial workings of firms in the UK. The relationship between audit quality and the length of tenure of an auditor is analyzed using academic studies and surveys and our own collected evidence, which leads to quality axiom 2: higher audit quality is linked to shorter length of audit tenure. The effect of naming engagement partners on audit quality is discussed.
