AIU Quality Inspection report

The Audit Inspection Unit delivers its reports on the audit market generally, the Big Four and mid-tier firms

Audit inspectors have warned of severe risk if auditors continue to make cuts in their audit work, as a result of pressures to reduce their fees. In the latest Audit Quality Inspection report, the AIU – the Financial Reporting Council’s inspection arm - also found troubling problems with auditors not fully understanding the accounting and reporting requirements in the area of goodwill and intangibles.