The U.K. Financial Reporting Council (FRC) on Friday released the results of its 2020/21 audit quality inspections, in which it singled out KPMG for “unacceptable” deficiencies regarding the firm’s audits of banks and similar entities.
The FRC publicly reports the findings of its audit reviews each year. During the 2020/21 inspection period, 103 audits were reviewed across the Big Four firms (Deloitte, EY, KPMG, and PwC); BDO; Grant Thornton UK; and Mazars. Of the audit total, 47 took place at FTSE 350 companies.
