Inspectors call for ‘significant improvement’ in major audits

FRC's Audit Inspection Unit raises concerns after investigating 109 audits in the UK

Two FTSE 100 audits needed “significant improvement”, according to an annual review of the UK’s largest eight audit firms released this week.

Auditors have also been accused of altering documents before handing them to regulators and putting cost savings ahead of quality, in the review by the Audit Inspection Unit (AIU). It has raised a number of concerns following its inspection of 109 audits in the UK.

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