Financial watchdog the FRC reports that audits carried out by FTSE350 companies has improved year on year.
The quality of audits of FTSE350 companies in the UK is improving, according to the latest reviews undertaken by audit watchdog the Financial Reporting Council (FRC).
An examination of audits undertaken by BDO, Grant Thornton, PwC, Deloitte, EY and KPMG found that 81% in 2016–17 required "no more than limited improvements". In the previous year the figure was 77%.
The FRC noted particular improvements in areas including the use of data analytics, better training and guidance on the use of specialists, as well as developing "significant firm or network-wide audit quality improvement programmes".
Melanie McLaren, the FRC’s executiv
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