Seven out of eight BDO audits reviewed by the FRC were assessed as requiring no more than limited improvements, the same as in 2017/18.
Key individual review findings related principally to the need to:
- Strengthen audit procedures relating to the timing of revenue recognition.
- Improve the evidence of appropriate challenge in relation to valuation judgements
The FRC also noted that some of the firm’s agreed actions relating to the FRC’s independence and ethics findings are ongoing and their completion should remain a key focus for the firm.