Accounting Regulator Targets 'Inconsistent' Audit Quality

Law360, London (November 12, 2020, 12:59 PM GMT) -- Auditors must "redouble their efforts" to remedy inconsistencies in the quality of their work, particularly during the economic turbulence caused by the coronavirus crisis, Britain's accounting watchdog said on Thursday.

The Financial Reporting Council said it found when it reviewed the sector that the quality of audits was not consistent. More than a third — 49 of 130, or 38% — of the audits it inspected needed improvement or significant changes, the regulator said.

The FRC said it reviewed audits completed by some of the big companies, including Deloitte and PricewaterhouseCoopers, and smaller, so-called challenger firms before the COVID-19 pandemic. But...

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