UK: FRC publishes annual audit inspection report

The Financial Reporting Council has published its annual report on audit quality, based on inspections of 109 private sector audits: see here (pdf). Separate reports for five individual audit firms have also been published: see here. The FRC concludes, on the basis of its inspections, that the quality of audit work is improving although it remains concerned that 33% of the audits inspected required improvements or significant improvements.