(c) Institute of Chartered Accountants in England and Wales. Contact ICAEW for permission to reproduce this article., Audit and Assurance, Financial Reporting

Improvements required in big four audit

The Financial Reporting Council (FRC) has found a number of areas that need to be addressed in its annual review of the Big Four’s audit offering. Overall the auditing by major firms is improving, however, a third of audits (33%) carried out by eight of the UK’s leading audit firms failed to meet the regulator’s quality standards – including 10 that required significant improvements.

We break down the review firm by firm.

This article was originally published in Economia. You can read the full text here.