The annual audit quality inspection for Deloitte found it needed just limited improvements to 94% of the 17 audits inspected, a 6% improvement on last year’s results. This was almost a 20% jump since 2019 when a quarter of audits needed improvement.

In 2023’s AQI three audits required significant improvement, witling this down to just one in 2024 according to the Financial Reporting Council’s (FRC) AQI report in which 17 audits were reviewed. However, the FRC said: ‘The firm should review the effectiveness of its actions to ensure greater consistency.’

Deloitte responded by saying: ‘We recognise we still have more we want to do to ensure that we consistently meet the high standards we expect of ourselves.