The Financial Reporting Council's (FRC) latest audit quality inspections of BDO and Grant Thornton reveal a number of listed company audits required “significant improvement”.
The profession’s watchdog found issues with professional scepticism in several audits from both firms.
In one case, the auditor failed to appropriately challenge the inputs to management's collective impairment model; while in another there was a lack of challenge in relation to valuing plant, machinery, land and infrastructure on a fair value basis...
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- Grant Thornton