Audit improves but professional scepticism remains a concern
The Financial Reporting Council concludes that audit is improving but is concerned about consistency and reveals the issue still causing greatest concern is professional scepticism.
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Audit quality in the UK has improved again, but the audit watchdog remains concerned about professional scepticism across audit firms.
The Financial Reporting Council (FRC) has published its second Developments in Audit report, which concludes that leadership in audit is paying off, particularly for audits of large companies. But there remain issues.
The FRC said in its report: "...the picture is not consistent across all firms, market sectors and audit procedures. High-profile accounting failures, as well as the results of our audit monitoring, continue to identify cases where auditors have not met expectations.
"Whilst we see evide
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