FRC publishes key findings and good practice report
News types: Guidance
Published: 20 October 2025
The Financial Reporting Council (FRC) today published a report setting out the key findings and good practice the FRC has identified in the 2023/4 and 2024/5 inspection cycles related to the audits of the twelve largest audit firms.
The report supports the FRC’s ongoing commitment to transparency and sharing information as an improvement focused regulator. It aims to provide audit firms with details of recent inspection key findings to support them in evaluating their own risks and audit methodologies, learning from the work of others and facilitating the adoption of good practices that could enhance the effectiveness and quality of the firm’s overall audit approach.
FRC Executive Director of Supervision, Anthony Barrett, said:
“Audits play a crucial role in the UK economy by fostering trust and transparency in financial reporting. These are essential to keeping capital flowing and maintaining the UK’s status as a leading global destination to build and scale a business.”
“It is vital that that FRC’s regulation of audit continues to underpin the importance of audit quality without creating disproportionate barriers. I am pleased that this report supports audit firms, Audit Committee Chairs, and other stakeholders by providing detailed findings and practical examples, on how improvements in audit quality and methodology can be maintained."