DELOITTE has improved the overall quality of its audit work, the FRC found in its annual review of audit quality in the UK.
Of the 20 audit engagements undertaken by Deloitte that were reviewed by the accounting watchdog, 15 were performed to a good standard with limited improvements required and five audits required improvements.
In its findings, the FRC said the firm needed to improve the testing of management reports and the testing of controls, including the assessment of the effectiveness of monitoring controls and how identified weaknesses in IT controls are addressed.
Audit planning discussions need to be held with audit committees on a “more-timely basis” and attention should be paid to ensuring that the firm’s audit reports accurately describe the audit procedures performed to address identified risks, the report found.
“We give careful consideration to each of the FRC’s comments and recommendations, and we use the external inspection process, as well as findings arising from our own quality review procedures, to drive further improvements to our quality agenda,” Deloitte said.
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