In this year’s audit quality inspection reports, the Financial Reporting Council (FRC) flagged a number of areas of concern, stating that Deloitte auditors needed to improve the evaluation and challenge of management’s key assumptions of impairment assessments of goodwill and other assets

PwC had a year-on-year improvement in their overall inspection results, with around 80% or more of audits requiring no more than limited improvements, although this still fell short of the audit regulator’s expectations 

 HMRC has issued a warning to 300,000 tax credit customers that they have less than a week to update applications or they risk their financial support being stopped

Following a number of high profile audit failures, the Financial Reporting Council (FRC) plans to amend the audit enforcement procedure in a bid to speed up investigations

Grant Thornton sees an improvement from last year’s annual quality inspection report with the Financial Reporting Council (FRC) finding that out of seven assessments six, 86%, of audits reviewed in the current inspection cycle were assessed as good, and limited improvements required

The Financial Reporting Council (FRC) found that Mazar’s audit quality plan (AQP) needs to be ‘urgently’ and ‘significantly’ updated as the number of audits requiring improvements by Mazars last year was ‘unacceptable’

Accountancy firm BDO described as ‘unacceptable’ by the Financial Reporting Council (FRC) for the continuing decline in the number of audits requiring no more than ‘limited improvements’ in the last year