Audit | AQI 2021: Grant Thornton sees significant improvement

Grant Thornton sees an improvement from last year’s annual quality inspection report with the Financial Reporting Council (FRC) finding that out of seven assessments six, 86%, of audits reviewed in the current inspection cycle were assessed as good, and limited improvements required

Audit | AQI 2021: Deloitte needs to focus on goodwill assessments

In this year’s audit quality inspection reports, the Financial Reporting Council (FRC) flagged a number of areas of concern, stating that Deloitte auditors needed to improve the evaluation and challenge of management’s key assumptions of impairment assessments of goodwill and other assets

Audit | Lack of support for managed shared audit

Managed shared audit has come under fire in responses to the government’s consultation on audit reform, with organisations warning that it is unlikely to address the current problems and risks related to audit failures