FRC publishes first-time report on requirements for delivering high quality audits

Released 16 November 2021

The Financial Reporting Council (FRC) has published, for the first time, a report that offers a blueprint for UK audit firms to follow in order to deliver high-quality audit.

The report, What Makes a Good Audit?, highlights the six key attributes that contribute to the running of high-quality audit practices such as culture, governance and leadership of the firms, alongside their investment in well qualified people, training and processes.

The FRC also lays out the key elements that contribute to high-quality individual audits from the planning phase, through to the delivery and completion of audits.

To support the delivery of high-quality audit, the report provides a range of examples of good practice identified by the FRC over recent audit quality inspections and supervision work.

Further details can be found at

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