London Gold and Commodities Exchange (LGCEX) to Closely Monitor Supervision of Audit Firms of Non-Public Interest Entities

Top Quote London Gold and Commodities Exchange has released its tentative schedule following its regulatory inspections to accounting firms that execute audit activities at Non-Public Interest Firms. End Quote
  • (1888PressRelease) August 03, 2012 - London Gold and Commodities Exchange is expected to carry out inspection to nearly 30 percent of the number of the legal audits in United Kingdom and will have a share of approximately 10 percent of the entire audit firms in the country.

    The objective of the exchange undertaking for the audit firms is to included them in the London Gold and Commodities Exchange's public register. As per records for the last quarter of 2011, only 450 Non-Public Interest Entities are license holders.

    During the granting of the licenses, London Gold and Commodities Exchange has executed thorough assessment of nearly 200 license applicants through transitional method. The assessment involved the operational quality control system and assurance for interior quality.

    As the London Gold and Commodities Exchange still had exceptional issues during this granting of licenses to approximately 130 non-Public Interest Entity audit firms, the said exchange project has been started since 2007 with objective of establishing whether the license holder has performed their responsibilities or followed up on these issues.

    In relation to this, almost 150 license requests were sent the following year of 2008 to non-Public Interest Entity accountancy firms, but London Gold and Commodities Exchange has not yet informed about their own agreement relating to the measures they have implemented and their actions regarding the issues.

    In the end, almost all hypothesis and/or points for attention were implemented and carried out by the license holders. However, there were only a few non-publics Interest Entity accounting firms were informed by the London Gold and Commodities Exchange of the issues that will be included in future regular investigations.

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