Some auditors have responded much better than others to reforms intended to make audit reports clearer to investors, the judges at an award ceremony for the best performers have said.

Accountancy firms have had just over a year to adapt to a revised auditing standard issued by the Financial Reporting Council, which requires for the first time that a UK audit report include an explanation of the work done in preparing it, risks of material error, and a broad range of other material that gives investors an insight into the dialogue between the company and its auditor that's previously been kept behind closed doors.