Audit quality under scrutiny: familiar failings

Audit quality under scrutiny: familiar failings

standfirst: The quality of audit remains under sustained pressure and familiar failings are proving hard to shift, says Ollie Garrod ACABased on inspections of nearly 800 audits from more than 400 firms, the ICAEW’s 2025 Audit Monitoring Report found that only 67% of audits were deemed good or generally acceptable – down from 71% the previous year. Most concerningly, 10% required significant improvement.While some of this decline can be attribut…