Financial Reporting Council review finds shortcomings in firms’ audits for fourth straight year
The UK’s accounting regulator has criticised BDO and Forvis Mazars for shortcomings in their audits for the fourth straight year, and threatened to take “stronger action” against them if there was no improvement. In its annual review of audit quality published on Tuesday, the Financial Reporting Council said the gap between the Big Four — Deloitte, EY, KPMG and PwC — and the mid-tier firms had widened.
“These results are worse than the prior year and continue to be unacceptable,” the FRC said. At Forvis Mazars, 44 per cent of the nine audits inspected required no more than limited improvements, compared with 56 per cent last year, while one required significant improvement. Mid-sized firms such as BDO and Forvis Mazars have ambitions to break the stranglehold of the Big Four on the audits of large UK companies — the Big Four check the books of 98 per cent of the blue-chip FTSE 100.
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