The FRC first wrote to audit firms and professional bodies in July, asking for information about the risk of exam cheating taking place in the UK.

At the time, it said it was ‘deeply concerned’ about the potential impact of cheating taking place in audit firms following reports of staff at Big Four firms cheating in exams in the US, Canada and Australia. Since the first letter was sent, KPMG has also been fined by the US audit regulator over cheating in the UK.  

The FRC has now written to stakeholders to update them on the work performed by Tier 1 audit firms and recognised qualifying bodies (RQBs) including ICAEW and ICAS, to ensure that safeguards are in place to prevent cheating.