James Hickey Quoted in Industry Publications on FRC’s Audit Inspections
2019-07-12
We are delighted that PKFI CEO James Hickey has been quoted in two leading industry publications...We are delighted that PKFI CEO James Hickey has been quoted in two leading industry publications, Accounting Web and The Accountant, on the topic of the recent Financial Reporting Council’s (FRC) annual audit inspections.
The FRC found a litany of poor results and missed targets in the Big Seven’s audit work and said that poor quality audit work remained “unacceptably common”. The accountancy watchdog looked at Big Four EY, KPMG, Deloitte and PwC, and Big Four challengers BDO, Grant Thornton and Mazars, and found that none had reached the audit quality target for 90% of FTSE 350 audits.
James Hickey said:
“While other accounting networks and associations don’t have the depth or structure to undertake the biggest audits, conflict concerns would be eased if more services moved away from the biggest auditors.”
He added that it was “deeply concerning” to see the UK’s biggest firms struggling to get to grips with audit quality.