Audit inspection reports for the six largest firms published
News types: Company Specific, Publications
Published: 26 July 2011
POB PN 68
The Professional Oversight Board, part of the Financial Reporting Council, has today published reports on the findings of the Audit Inspection Unit’s (AIU) inspections for each of the six largest audit firms:
- BDO LLP
- Deloitte LLP
- Ernst & Young LLP
- Grant Thornton UK LLP
- KPMG LLP and KPMG Audit PLC
- PricewaterhouseCoopers LLP
These reports include key messages specific to each firm. These supplement the AIU’s overall 2010/11 inspection findings set out in its Annual Report published on 19 July and therefore should be read in conjunction with that report.
These reports are available on the website and the AIU’s Annual report (PDF).
The AIU’s report on its inspections of smaller firms will be published in the autumn. This will conclude the AIU’s reporting for 2010/11.
Notes to Editors
These reports are available on the website and the AIU’s Annual report (PDF).
The AIU’s report on its inspections of smaller firms will be published in the autumn. This will conclude the AIU’s reporting for 2010/11.
Notes to Editors
- The four largest audit firms are inspected annually by the AIU. Other major firms subject to full scope AIU inspections are inspected over a longer cycle of two to three years, with reports being published on each firm following the end of its inspection cycle. Individual reports are not published on the findings of inspections at firms not subject to full scope AIU inspections (smaller firms).
- The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
- The Professional Oversight Board has four main responsibilities:
- A statutory obligation to oversee the regulation of auditors by the recognised accountancy bodies;
- The monitoring of the quality of the auditing function in relation to economically significant entities;
- Independent oversight of the regulation of the accountancy profession by the professional accountancy bodies;
- Independent oversight of the regulation of the actuarial profession by the professional actuarial bodies.
- The Professional Oversight Board is independent of the accountancy and actuarial professions. Its members have wide experience of business and the professions, the public sector, accountancy, auditing and actuarial work. The Interim Chair is John Kellas CBE.
- Document created under a former FRC operating body.