The Financial Reporting Council (FRC) reviewed 18 individual audits this year and assessed 15 (83%) as requiring no more than limited improvements. Of the nine FTSE 350 audits reviewed, eight (89%) achieved this standard in the latest round of audit quality inspections.

The area that contributed most to the audits assessed as requiring improvements was the audit of revenue. There also continued to be recurrent findings related to the audit of impairment and journals, which were key findings last year, although some improvement in those areas was identified.