UK: FRC publishes annual audit quality inspections report

The Financial Reporting Council published its annual audit quality inspections report today: see here (pdf). Separate reports for the big four auditing firms, and third country auditors, have also been published: see here. The FRC finds that the quality of auditing in the UK is "generally good" although inconsistent across audit firms and types of company. Moreover, the quality of bank and building society audits remains below average.