The Financial Reporting Council (FRC) inspectors examined eight audits in this year’s audit quality inspection round and found that half required improvements, although performance had improved compared to last year when three of Mazars audits were flagged as needing ‘significant improvement’.

In total 44% of audits inspected required limited improvements which meant that nearly half of audits inspected were not meeting the FRC standards. The urgent actions now being taken by the firm must be effective and embedded in a short timeframe.