The Financial Reporting Council (FRC) reviewed 20 individual audits this year and said that 80% of EY’s audits required no more than limited improvements with 16 audits being recognised in this category, an increase from the 11 (65%) inspected in the previous year.

In total, only four audits required improvement, compared to six in 2020/21, according to the latest AQI report. And of the nine FTSE 350 audits reviewed, eight (89%) achieved good standards.

Related to its key findings, the FRC cited the audit of deferred tax and certain other assets, revenue and margin recognition and going concern disclosures.