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TRANSPARENCY REPORT | PUBLIC INTEREST COMMITTEE

These are all areas which the PIC is working

on with the Head of Audit and the newly

appointed Head of Audit Quality. The work of

the audit quality team, including the current

implementation of ISQM1, is being examined

and challenged by the PIC. The Chair of the PIC

has also been doing a number of other things

to interrogate and encourage audit quality.

These include:

● Shadowing our Quality Assurance Team during

their reviews and feeding observations and

suggestions into the development of the new

risk-focused approach. This will continue

so as to ensure that the feedback is being

implemented in practice.

● Observing RI meetings and then following

up with the Regional Audit Managing

Partners to assess views on how the Tone

at the Top was delivered and received.

● Inspiring the Audit Quality Champions by

opening the first audit quality champions'

conference, run by the new Head of Audit

Quality, to demonstrate how vital their role

is to the firm.

● Attending Ethics Function meetings to

observe how the wider firm is handling

potential conflicts of interest and

independence challenges and the ways in

which messages on ethics are being delivered.

The reputation of the firm and the profession is

critical to members of the PIC. The PIC attends

all the Audit Management Board meetings.

They observe the Tone at the Top, fully

participate in discussions and challenge

existing processes, thoughts and decisions.

The PIC has established a relationship with the

FRC; a relationship of support and challenge

which will further develop in the months to

come. The PIC was heavily involved in the

firm's response to the BEIS consultation. They

bring a wealth of experience to the firm and

also the ability to canvas a range of views. It

is important to RSM that they are not simply

acting in RSM's interests. PIC contacts and

experience beyond RSM have ensured that

they have been able to understand, amongst

others, mid-tier audit firm thinking and the

perspectives of company Boards/Audit

Committees, the banking industry's thinking

and the views of the Quoted Companies

Alliance. The PIC will remain committed to

canvassing a wide range of views throughout

their work, both externally and internally.

One of the issues which the BEIS consultation is

addressing is the risk of firm failure. The PIC has

access to and are free to interrogate the financial

results of the firm and the principal risks. They

are not confined to RSM UK Audit LLP but have

access to RSM UK Holdings Limited's Chair,

CEO and Chief Financial Officer. Vijay Thakrar

sits on the Holdings Board which allows the PIC

to understand, appreciate and query decisions

made in the wider firm.

The PIC is committed to working with the

management of RSM UK Audit LLP to continually

improve audit quality and develop an audit culture

which fosters quality and attracts and retains the

talent essential to the firm and to the profession.

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