All of UK top accountants fail an audit quality test
All of Britain’s leading accounting firms have failed to hit quality targets set by their regulator for auditing company books, and they have done so for the second year in a row, with Grant Thornton and PwC singled out to join KPMG under tougher supervision.
The damning review, from the Financial Reporting Council (FRC), will pile pressure on the UK government to implement a proposed sector shake-up prompted by corporate failures at builder Carillion, retailer BHS, and an accounting scandal at cafe chain Patisserie Valerie.
