FRC scrutiny of audit quality reveals “unacceptable” level of issues
The Financial Reporting Council looked at 88 audits conducted by a number of firms and found that 33% needed “more than limited improvements”.
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There is fresh criticism of auditors this week, as regulators report a third of audits inspected during the past year required a level of improvement that is “unacceptable”.
Audit firms have also been warned that losing work may be a necessary element in maintaining audit quality.
The Financial Reporting Council (FRC) says it looked at 88 audits conducted by a number of firms and found that 33% needed “more than limited improvements”.
The statement comes just a week after the FRC gave the Big Four firms (PwC, Deloitte, KPMG and EY) a deadline for publishing plans to bring about an operational split between their audit operati
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