PwC had a year-on-year improvement in their overall inspection results, with around 80% or more of audits requiring no more than limited improvements, although this still fell short of the audit regulator’s expectations
The Financial Reporting Council (FRC) reviewed 20 individual audits this year and assessed 16 (80%) as requiring no more than limited improvements. Of the 10 FTSE 350 audits reviewed, nine (90%) achieved this standard.
For the first time in two years, none of PwC’s reviewed audits needed significant improvement with a sharp improvement in the overall quality of audits undertaken by the firm.
Over the year, PwC responded to previous year criticisms by increasing resources, and focused training and updates to audit guidance and work programmes. The FRC said that it had ‘identified improvements, for example, in the group oversight of component audits and the audit of long-term contracts, both key findings last year’.
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