In light of a string of recent and highly publicised audit failures in the UK, the management of Builders raised serious concerns about the quality and usefulness of the External Audit.

REQUIRED:

In reference to the audit quality and usefulness of external audit, highlight recent cases of Audit failure in the UK and the resulting developments in Audit Practice and Regulation, and discuss the safeguards that would improve Builders confidence in the quality and usefulness of the External Audit.