AQI 2020: FRC’s audit rating of top firms

Accountancy Daily has consolidated FRC’s annual audit quality inspection cycle of the Big Four and mid tier firms, find the full details below

This year’s audit quality inspection (AQI) reports on the seven firms reviewed annually (Deloitte, EY, KPMG, PwC, BDO, Grant Thornton and Mazars) are based on fewer assessments than in previous years because of resource constraints. Across all firms, the FRC completed 130 audit inspections compared to 160 in 2018/19.

Overall, the FRC declared the results show an ‘unacceptable’ decline in audit quality, with several of the UK’s largest firms told to improve standards and expect greater scrutiny.

Find out how each firm was rated via the links below:

 

AQI 2020:

PwC - a third of audits needed improvements

Deloitte - best performer of Big Four

EY - ‘disappointed’ as results reveal lack of challenge

KPMG - needs faster progress on audit inconsistency

BDO - in dock for revenue audit failings

Grant Thornton - branded ‘unacceptable’ despite increased scrutiny

Mazars - improves on previous year at time of growth

 

Essential reading:

Overview- AQI 2020: FRC finds a third of audits need improvement

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