There are 10% more audits that need vast improvements compared to last year, the Financial Reporting Council said of its latest audit inspection findings.

Further, a third of the 88 reviewed are “unacceptable” according to the FRC’s 14 July inspection findings, which scrutinised audits by the UK’s top seven firms between 2019 and 2020 included KPMG’s audit of Ted Baker, PwC’s audit of Nationwide, Deloitte’s audit of William Hill, EY’s audit of Aveva and Grant Thornton’s audit of Iceland.