Pressure mounts on 'Big Four' auditors after failed UK standards tests

generic stock business pounds sterling currency notes coins A picture of pound sterling currency notes and coins. Picture: Press Asssociation

A third of company audits by Britain’s leading accounting firms failed a quality test, the country’s accounting watchdog has said, piling further pressure on a sector already being questioned over its competence.

Britain’s Financial Reporting Council (FRC) said 29 of 88 audits inspected needed improvements, with seven of these requiring significant improvements.