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Audit updates: July 2015

In our monthly round-up of the audit sector, we analyse the findings of the annual FRC Audit Quality Inspection (AQI) report for 2014/15 focusing on the Big Four firms, PwC, Deloitte, KPMG and EY, and mid-tier firm BDO, including an exclusive interview with FRC executive director of conduct Paul George. By Sara White and Penny Sukhraj

AQI 2015: Third of UK audits inspected fail to meet AQI standards set by regulator

A third of audits inspected are below standard and many require significant improvements to quality, while fair value and supplier agreements are singled out as areas of concern together with the rapid pace of regulatory change according to the Financial Reporting Council’s (FRC) latest annual audit quality inspections (AQI).

The annual benchmark report into audit quality reviewed 109 private sector audits at the largest firms in the UK, including PwC, Deloitte, KPMG, EY, and a number of mid-tier firms responsible for non-FTSE audits. Individual AQI reports on the Big Four and BDO were released at the same time.

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