Of the 20 company audits inspected by the accounting regulator in the annual Financial Reporting Council (FRC) Audit Quality Inspection reports, five failed to meet an acceptable standard and required improvements. The bulk of those inspected were ‘good with limited improvements required’.

The FRC reviewed and assessed the quality of selected aspects of 20 audits (2013/14: 17 audits), of which one was a further review of an audit reviewed in the last inspection, which included an assessment of how findings previously raised had been addressed.