AQR Results 2024

The Financial Reporting Council’s (FRC) Audit Quality Review (AQR) team has today, Tuesday 30 July 2024, published its annual quality inspection reports of the Tier One firms.

 In total, 13 of BDO’s audits were reviewed during the 2023/24 inspection cycle, which assessed year ends ranging from July 2022 to March 2023.

• 5 audit files were assessed as good or only limited improvements required 
• 6 audit files required improvements 
• 2 audit files required significant improvements.

Paul Eagland, Managing Partner at BDO, said:

"We are deeply disappointed with our grades this year, particularly when we had recorded an improvement last year. While we remain confident in the expertise and commitment of our people, it is evident that further work is necessary for us to be able to secure grades in line with the FRC’s requirements as well as our own internal standards.

"Comprehensive actions and plans, shared with our regulators, have been and are being implemented to address each of the areas identified."

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BDO LLP
BDO LLP operates in 17 offices across the UK, employing 7,500 people offering tax, audit and assurance, and a range of advisory services. BDO LLP is the UK member firm of the BDO international network.

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The BDO global network provides business advisory services in 166 countries and territories, with more than 115,000 people working out of 1,776 offices worldwide. It has revenues of US$14bn.

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