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LATEST NEWS & EVENTS FSA to clamp down on audit reporting inconsistencies  The Financial Services Authority (FSA) has announced steps to improve the quality and consistency of auditors' reports on client assets, which may necessitate recourse to corporate legal services among firms requiring clarification of existing regulations. A report by the regulator discovered a number of "serious failings" that highlight a general deficiency by auditors in asserting the FSA regulations concerning client assets, including reports that covered incorrect areas of the Client Assets Sourcebook and late report submissions. In an attempt to erase these issues, the FSA has laid out ten proposals that aim to confirm and clarify standards of auditor reporting, improve the consistency of reporting and improve firms' governance of auditors. Richard Sutcliffe, FSA client assets sector leader, said: "The changes we are consulting on will significantly strengthen the requirements in this regard and also mean that should we fail to see improvements we will be able to take action more easily". In July of this year, the FSA also began a crackdown on firms that conducted unauthorised general insurance business, in a move to "protect consumers". Posted by Gaby Hamerton 
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