Top seven auditors call for balance and consistency in reviews after Audit Inspection Unit reports go public for the first time
Auditors have defended their work after the Audit Inspection Unit published in-depth performance reports on individual firms for the first time.
The AIU, part of the Professional Oversight Board within the Financial Reporting Council, said the top seven audit firms' practices were generally acceptable, but the reports also highlighted a collection of flaws.
In its response to the AIU's review Ernst & Young said it hoped the criteria on which auditors are judged in public reports would 'develop over time'. It added it would 'continue to work closely' with the AIU.
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