The Financial Reporting Council (FRC) analysed 396 auditor’s reports, focusing on how auditor’s reports can be improved from fraud to readability and ease of access.

The report provides details through six snapshots covering the length and readability of auditors’ reports, as well as how auditors communicate how the audit was performed, the risks identified, and responses to those risks.

In total, 82% of the reports surveyed were issued by the Big Four firms – Deloitte, EY, KPMG, and PwC. 11 other audit firms have been grouped together as ‘Challenger’ firms, accounting for 18% of all reports in the sample – this included BDO, Grant Thornton and RSM UK.

Financial services formed the largest element by industrial sector, with just over one fifth of surveyed reports being issued for companies in this sector. Industrial goods and services (15%), real estate (7%), technology (7%), health care (6%), and basic resources (5%) all exceed 5% of the total sample.