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UK Regulator Criticizes Audit Quality

Global Glimpses | December 15, 2008

The UK’s independent audit regulator has criticized the quality of the audit work done by the Big Four accounting firms. The Audit Inspection Unit, part of the Financial Reporting Council, published its first “name and shame” reports on the quality of work done by the large audit firms recently. In the past, the AIU gave its findings to the firms privately and only published an overview report of audit quality that did not use their names.

Under its new regime, the AIU published detailed reports on the quality of work done by the Big Four plus Grant Thornton, BDO, and PKF. Overall, the regulator said the audits it looked at were “fundamentally sound,” but it had concerns about ethical conflicts and urged firms to provide more documentation to support key judgments....

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