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What’s going wrong with audit?

Revenue issues and lack of management challenge continue to trip up audit teams, raising fresh concerns about how deeply auditors are really digging, says Ollie Garrod ACA

If audit quality had a theme song for 2025, it might be ‘Things Can Only Get Better’, but after the Financial Reporting Council’s (FRC) latest results of the annual review of Audit Quality Inspections, some might say ‘Oops!... I Did it Again’ is more fitting.

The FRC 2025 audit inspection findings reveal a familiar story: there are continuing problems with mindset, methodology and missed signals, raising the familiar question about general audit quality.

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