Inflo: FRC Audit Quality Inspection results 2021/22 Key Takeaways for Medium and Small Accounting Firms

Everything you need to know...

The Annual Audit Quality Inspection Results for 2021/22 produced by the Financial Reporting Council (FRC) review the UK’s seven largest audit firms. These seven firms being the Big Four plus BDO, Grant Thornton and Mazars.

Audit quality in the UK market has been under immense scrutiny over recent years, on the back of multiple high-profile business failures and frauds. The quality of audit services and the relevance of the audit service has been questioned by the broader corporate community. The audit regulator has been criticized and is now on a trajectory from the FRC in its current form towards a larger, more powerful regulator named ARGA.

UK firms outside of these 7 may view some of the issues discussed during the government-led reviews to be irrelevant to their firms. However, the findings identified within the audit inspection results provide a clear list of practical lessons to be learnt, which can improve quality within an audit firm, or on an individual audit engagement.

FAQs

Why do I need to fill out the information request?

Inflo will always keep your personal information safe. We ask for your information in exchange for a valuable resource in order to;

(a) improve your browsing experience;

(b) send information to you that we think may be of interest to you by email or other means;

(c) send you marketing communications that we think may be of value to you.

Is this really free?

Absolutely Free.

Inflo aims to help accountants grow their value through technology and also by sharing some free knowledge that we hope you’ll find useful.