The main audit firms: Deloitte, EY, KPMG, PwC, BDO, Mazars and Grant Thornton failed as per UK’s audit regulator quality assessment.
Furthermore, the regulator mentioned that in cases, issues were systematically known with no further action over year, showing a lack of effectiveness in producing or triggering management change.
The range of issues in the audits reviews varies from perfectible to unacceptable.
While KPMG showed some improvement (still below acceptable), PwC dramatically dropped quality.
EY got 12% of audits checked ratted as unacceptable.
The indecency and quality of work of auditors need to be re addressed as par regulators notes.
For years, the fact that the audit party cares cost and leads the audit has been qualified as a threat to indecency.
It is not clear what will be the impact of the findings.