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FRC publishes audit quality inspection reports for the six largest audit firms

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20 May 2016

The Financial Reporting Council (FRC) has published individual audit quality inspection reports for Deloitte LLP, Ernst & Young LLP, KPMG LLP, PricewaterhouseCoopers LLP, BDO LLP and Grant Thornton UK LLP.

The reports set out the principal findings arising from the audit quality inspection work carried out by the FRC’s Audit Quality Review (AQR) team for 2015/16.

The reports focus on the key findings from the reviews, why such findings are important and actions the individual firms are taking to address them.  Key findings address both the FRC’s inspection of individual audits and also each firm’s policies and procedures to support and promote audit quality.

The reports also identify some examples of good practice which contributed to audit quality at each firm.

The FRC indicates that it will issue, later in 2016, its first report monitoring and assessing developments in UK audit quality encompassing developments in standards and policy, professional oversight, audit quality review and enforcement.

The press release and links to individual reports are available on the FRC website.

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