This is the worst AQI result for the firm in five years with 54% of its listed audits failing to meet the top grading out of the nine inspected, with a major slide in audit quality from 2019 when just 20% of reviewed audits were flagged as needing improvement.

The Financial Reporting Council (FRC) said these results were ‘unacceptable’, adding that Forvis Mazars had ‘reversed the improvements’ made in the previous two years and ‘must significantly improve its audit quality’.

If the firm does not improve its audit processes and overall quality, the FRC will take regulatory action and will be monitoring the firm closely over the next 12 months.