Accounting Firms

Fewer audits need ‘significant’ improvement, ICAEW report finds

PSD completed 555 audit monitoring review visits, incorporating the review of firms’ work on 1,056 audits, between April 2021 and March 2022

ICAEW professional standards department’s (PSD) has found that just 4% of audits required significant improvement this year, down from 7% in 2020-2021, according to its audit monitoring report of non-PIE auditors and non-PIE audit work, for the year ending 31 March 2022.

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