Inflo: FRC Audit Quality Inspection results 2021/22 Key Takeaways for Medium and Small Accounting Firms
To help medium and small accounting firms more quickly and easily understand the key themes in the FRC reports, this guide distils down the 257 pages into a succinct summary of the immediate takeaways.
It also includes a set of handy cheat sheets to make it easy to implement best practices across your firm or on your next audit.
Read our free guide to find out what actions you can take to avoid the audit quality issues identified by the FRC in 2021/22.
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This 23-page guide discusses the core themes noted in the report:
- Revenue Testing
- Journals Testing
- Group Audits
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.
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