UK’s FRC Inspections Show ‘Improvement’ at Largest Audit Firms

UK’s Financial Reporting Council reports “continued improvement” in audit quality at the Tier 1 firms — BDO, Deloitte, EY, Grant Thornton, KPMG, Mazars and PwC — in its annual review.

• Says 77% of audits inspected were deemed good or required limited improvement
  • That reflects a year-on-year improvement spanning four years
• Says BDO and Mazars’ results are “below their peers” but are improving
  • From BDO’s audit inspections, 69% of their audits were considered good or requiring only limited improvement, compared to 58% last year
  • Mazars had 56% of its audits meeting standards, up from 50% previously

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