The audit regulator said that 82% of Deloitte audits required no more than limited improvements with 14 audits falling into this category, the same amount when compared to last year and 80% on average over the past five years.

In total, only three audits required improvements, compared with four in 2020/21, according to the latest AQI report from the Financial Reporting Council (FRC).

And of the nine FTSE 350 audits the regulator reviewed this year, seven (78%) were assessed as achieving good standards.