The percentage of audits inspected by the FRC requiring no more than limited improvements was 76% out of 17, down on performance at this year’s top firm Deloitte. The firm had four audits classified as ‘improvements required’. This was unchanged from last year’s figure, although the total number of inspected audits was down on 20 in the 2023 audit quality inspection (AQI) round.

The results taken as a whole, across internal and external inspections, have remained largely constant over the last four years.

The effectiveness of actions taken, including their timing, remains key in continuous and further improvement at the Big Four firm, the FRC said.