UK Accounting Regulator Slams ‘Disappointing’ Mazars, BDO Audits

The UK accounting watchdog on Thursday chastised BDO LLP and Mazars LLP for their “disappointing” failure to significantly improve the quality of their audits, even as the firms take business from the Big Four.

The Financial Reporting Council said its annual review of audit quality among the seven biggest firms auditing public interest entities showed a general improvement, but it emphasized the persistence of a quality gap between the work done by the Big Four and the smaller firms. Overall, some 77% of the audits inspected were deemed to have been done adequately, compared to just 56% of Mazars’s and ...