Finance | AQI 2025: inventory failures and management challenge at Big Four auditors

The quality of audit work at the Big Four has improved with EY and PwC both turning around their performance, but consistency is a problem and there is still a reticence to question management robustly, FRC inspectors find. Here we review the AQI reports on the Big Four 

15 Jul 2025

Finance

Auditing

Corporate Governance

Finance | AQI 2025: Audit quality improves, but risk of complacency, warns FRC

While the quality of Big Four audit work has improved in the last year, the audit regulator is warning firms against complacency, and has heavily criticised BDO over failures to get to grips with endemic problems with audit work

15 Jul 2025

Finance

Auditing

Corporate Governance

Finance | Azets and Deloitte face FRC investigation into Stenn audits

The regulator is investigating Deloitte and Azets over their work on six audits for collapsed invoice finance company Stenn 

10 Jul 2025

Finance

Auditing

Corporate Governance

Finance | Shell hit by filing issue as EY audit partner breaks rotation rules

EY breached audit partner independence rules in the US and UK by allowing lead partner to exceed rotation limit at oil giant Shell for two years

2 Jul 2025

Finance

Auditing

Corporate Governance

Finance | FCA investigates Wood Group after accounts issue

The financial regulator has launched an investigation into AIM listed John Wood Group plc following late annual accounts after a restatement of financials over revenue recognition issues leading to audit delays

30 Jun 2025

Finance

Financial Reporting

Auditing

Corporate Governance

Finance | AI guidance for audit from the FRC

The Financial Reporting Council (FRC) has published guidance on the use of artificial intelligence (AI) in audit along with a thematic review of the six largest firms processes for AI implementation

26 Jun 2025

Finance

Auditing

Finance | Weir Group hires EY for £4.2m audit

FTSE 100 listed Weir Group plc has swapped Big Four firms with the hire of EY as statutory auditor, due to take over when latest audit is completed

23 Jun 2025

Finance

Auditing

Corporate Governance

Finance | P&O Ferries slashes £1.3m audit fee

P&O Ferries has appointed a small Oxfordshire firm, Just Audit & Assurance, to handle £1.3m audit after KPMG resigned in March, as it says fee will be a million less

13 Jun 2025

Finance

Auditing

Corporate Governance

Finance | KPMG fined £730k for breaking ‘bright-line prohibitions’ on Carr’s audit

Regulator gives KPMG auditors and retired partner a six-figure fine for ‘basic and fundamental failings’ for breaches of ethical standards on use of a component auditor for listed Carr’s Group

12 Jun 2025

Finance

Auditing

Corporate Governance

Finance | Reckitt Benckiser returns to PwC for £24m audit

Consumer goods giant Reckitt Benckiser has appointed PwC as auditor, going back to its previous auditor after a seven-year gap following competitive tender

11 Jun 2025

Finance

Auditing

Corporate Governance

Finance | Audit quality under scrutiny: familiar failings

The quality of audit remains under sustained pressure and familiar failings are proving hard to shift, says Ollie Garrod ACA

11 Jun 2025

Finance

Auditing

Corporate Governance

Finance | Plans to add more audit rules with ISSA 5000

The Financial Reporting Council (FRC) is consulting on a proposed UK version of ISSA 5000, General Requirements for Sustainability Assurance Engagements, aimed at auditors

2 Jun 2025

Finance

Auditing

Audit Consultations

Corporate Governance

Finance | One in three audits below ‘acceptable’ standard, says ICAEW

A third of audits inspected by ICAEW need improvements, a marked decline since pre-pandemic, with lack of trained auditors and capable RIs a risk to audit quality

29 May 2025

Finance

Auditing

Corporate Governance

Finance | FRC issues tips for SMEs to help with materiality in audits

With the increasingly complex audit framework for SMEs, the regulator has issued tips on materiality, loans and role of external auditors to help negotiate the annual audit process

22 May 2025

Finance

Auditing

Audit Regulations

Finance | Barclays sticks with KPMG for £91m audit

Banking giant Barclays plans to reappoint KPMG as statutory auditor after competitive tender, pre-empting 10-year retender date

16 May 2025

Finance

Auditing

Corporate Governance