Covid-19 strengthens need for audit improvement
Released 11 November 2020
The Financial Reporting Council (FRC) has published Developments in Audit 2020, which shows that audit quality remained too inconsistent in the most recent round of inspections, with 49 out of 130 audits inspected needing either improvement or significant improvement. This inconsistent audit quality was found in audits that were completed before the impact of the Covid-19 pandemic.
Further information, including a link to the report, can be found at https://www.frc.org.uk/news/november-2020/covid-19-strengthens-need-for-audit-improvement.