Commenting on the annual audit inspection results published today by the Financial Reporting Council (FRC), Hemione Hudson, Head of Audit at PwC, said:
“We set high standards for our audit quality and are disappointed with these results, which we are committed to improving. While the results relate to audits completed prior to the announcement of our three-year Programme to Enhance Audit Quality (PEAQ) in June 2019, they are an important reminder of the need for an unrelenting focus on audit quality. We continually review how our Audit practice operates and will introduce additional actions based on analysis of the findings to ensure we deliver consistently high quality audits.
“We are pleased the FRC recognises improvements we have made following the launch of our Programme to Enhance Audit Quality, and areas of good practice including the effective use of the firm’s internal specialists and experts, our work on challenge, culture and behaviours, and the development of our Chief Auditor Network.”
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Head of media relations, PwC United Kingdom
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