One In Three Biz Audits Are Substandard, Says Regulator

Law360, London (July 14, 2020, 11:13 AM BST) -- A third of audits carried out by U.K. accounting companies fell below good standards of quality, the Financial Reporting Council said Tuesday after it carried out a health check on a sector rife with book-keeping scandals.

KPMG is one of the Big Four auditing companies "still not consistently achieving the necessary level of audit quality," the watchdog has said. (AP) The accounting watchdog said it found that 22 of the 88 audits it reviewed could have been improved, while another seven required significant improvements to the quality of evidence used to complete them.

The watchdog's annual exercise, which found that 59...

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