The Financial Reporting Council (FRC) told Forvis Mazars it needed to ‘significantly improve’ after last year’s audit quality inspection (AQI), and it seems to have done just that as nine out of the 10 inspected audits were found to need limited or no improvement at all in the 2024/25 report.

Just one audit was found to need significant improvements, the same as last year. However, there was no audit in the FRC’s middle scale of ‘improvements required’.

Forvis Mazars said: ‘We are disappointed that one audit was found as requiring significant improvements. We undertook a root cause analysis for all inspection results; we note that the key findings were not systemic.’

The regulator acknowledged the ‘good progress’ Forvis Mazars has made since its last annual inspection as it described the turnaround as a ‘significant improvement on last year’.

Howev