All of Britain’s leading accounting firms have failed to hit quality targets set by their regulator for auditing company books for the second year in a row, with Grant Thornton and PwC singled out to join KPMG under tougher supervision.
Only 75% of the sample of audits from among Britain’s 350 top listed companies for the year ending December 2017 met the 90% target overall as accountants failed to challenge information clients gave to them, the FRC said. The bulk of the top 350 listed firms would have two auditors in a bid to improve audit quality, but this depends on Grant Thornton, BDO and Mazars winning the confidence of blue chip companies.
The watchdog said it would raise its target to 100% from 90% for reviews of audits starting from June 2019 financial statement year-ends as having any below-standard audits is unacceptable. Both Grant Thornton, which audited Patisserie Valerie, and PwC, auditor of BHS, had already announced steps to bolster audit activities in anticipation of the FRC findings. Grant Thornton said the FRC report showed that the entire profession must improve the quality of its work and that Grant Thornton is no exception.
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