Audit Firm Specific Reports - Tier 2 and 3 Audit Firms
Published: 25 September 2023
1 minute read
In December 2022 we published our separate first report on inspection and supervision activity at Tier 2 and Tier 3 audit firms in 2021/22. Previously, our overall findings at these firms were reported in our Developments in Audit publications.
Audit Quality Inspection and Supervision Report 2022/23
Our Audit Quality Inspection and Supervision Report 2022/23 sets out our key inspection and supervision findings at Tier 2 and Tier 3 firms this year, alongside areas of good practice, which all audit firms should pay close attention to. It also outlines the extensive supervision activity the FRC now undertakes to ensure Tier 2 and Tier 3 firms are growing sustainably and are prioritising the delivery of high quality audit.
Except for identifying the firms that were in Tier 2 and Tier 3 for 2022/23 and the firms inspected in each year, the information in this report is aggregated and anonymised. This is in view of the statutory confidentiality requirements which apply to individual inspection reports. Many Tier 2 and Tier 3 firms have only a small number of audits falling with the FRC’s inspection scope. To publish firm-specific inspection data would risk identifying how we have assessed the audits of specific entities.
| Name | Tier 2 and Tier 3 Audit Firms - Audit Quality Inspection and Supervision 2022/23 |
|---|---|
| Publication date | 13 December 2023 |
| Type | Report |
| Format | PDF, 3.4 MB |
Audit Quality Inspection and Supervision Report 2021/22
This report sets out details of our inspection and supervision work at Tier 2 and Tier 3 firms, with this first report including a summary of our findings over the period 2016/17 to 2021/22, since we became the UK Competent Authority.
Except for identifying the firms that were in Tier 2 and Tier 3 for 2021/22 and the firms inspected in each year, the information in this report is aggregated and anonymised. This is in view of the statutory confidentiality requirements which apply to individual inspection reports. Many Tier 2 and Tier 3 firms have only a small number of audits falling with the FRC’s inspection scope, in some cases only one. To publish firm-specific inspection data would risk identifying how we have assessed the audits of specific entities.
| Name | Tier 2 and Tier 3 Audit Firms - Audit Quality Inspection and Supervision 2021/22 |
|---|---|
| Publication date | 7 December 2022 |
| Type | Report |
| Format | PDF, 12.1 MB |