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The Financial Reporting Council (FRC) is urging auditors to redouble their efforts to remedy inconsistent audit quality, saying this has become even more important in the face of the unprecedented economic turbulence brought by Covid-19.
In its annual Developments in Audit report, the regulator reported audit quality remained too inconsistent in the most recent round of inspections, with 49 out of 130 audits inspected needing either improvement or significant improvement.
Read more at the Accountancy Daily.