THIRD OF UK AUDITS INSPECTED FAIL TO MEET AQI STANDARDS SET BY REGULATOR

摘要

A third of audits inspected are below standard and many require significant improvements to quality, while fair value and supplier agreements are singled out as areas of concern together with the rapid pace of regulatory change according to the Financial Reporting Council's (FRC) latest annual audit quality inspections (AQI). The annual benchmark report into audit quality reviewed 109 private sector audits at the largest firms in the UK, including PwC, Deloitte, KPMG, EY, and a number of mid-tier firms responsible for non-FTSE audits. Individual AQI reports on the Big Four and BDO were released at the same time.