The FRC has published its annual inspection and supervision results of the largest audit firms (BDO, Deloitte, EY, Grant Thornton, KPMG, Mazars and PwC). Overall, 75% of audits inspected were good or required limited improvement (compared to 71% in 2021 and 67% in 2020).
Five of the largest firms had no audits requiring significant improvements.
The inspection results at Mazars and BDO remain unacceptable. Four of the eight audits reviewed at Mazars, and five of the 12 audits reviewed at BDO required more than limited improvements. Specific supervisory plans have been developed to closely monitor BDO and Mazars’ priority actions.
Read the FRC audit quality inspection and supervision overview report here
Read the seven individual audit firm specific reports here
Listen to Kate O'Neill and Sarah Rapson discuss the annual inspection and supervision results in a podcast