RSM Tenon is back to a "business as usual" monitoring relationship with the FSA following progress it made under a year's supervision under the body, it said.
The accountancy firm published its first quarter earnings yesterday, which showed turnover at the lower end of management expectations.
Despite this, they said, profitability is still ahead of the same time last year and is consistent with trends of their first quarter having the lowest level of activity.
"The market for our services continues to be challenging," the said. "With a continued focus on careful management of costs and as a result of the cost reduction exercise, the profitability is ahead of the comparable position in the prior year."
Last month, chairman Tim Ingram called their year to 30 June 2012 totally unsatisfactory, but promised shareholders they were taking measures to return to profitability.