While 67% of 790 audits reviewed were rated as good or generally acceptable in the 2024 inspection cycle, this rating was down from 71% in 2023, highlighting a decline in audit quality, revealed the 2025 ICAEW Audit Monitoring Report.

Worse still 10% of audits inspected required ‘significant improvement’, up from 8% in 2023, highlighting a lack of progress in improving the worst audits.

The overall standard of audit has deteriorated since before the pandemic, when 78% of audits received the top two ratings. Among Big Four firms, 90% of audits were rated good or generally acceptable.