AQR Results 2024
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.
“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.”
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.
“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.”