After years of tough inspections, KPMG has turned around its audit business with 89% of inspected audits requiring no more than limited improvements, up from 74% last year. 

This year, the Financial Reporting Council (FRC) annual audit quality inspection cycle found that only two audits were graded as 'improvements required' (one FTSE 350) out of 19 assessed, compared with five last year. No audits required significant improvements.

This marked a turnaround from last year when five audits fell below standard, highlighting the scale of the audit recovery.