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Grant Thornton, PwC warned over audit quality after missing targets

( July 10, 2019, 06:29 GMT | Official Statement) -- MLex Summary: Grant Thornton and PriceWaterhouseCoopers have been warned by the UK's audit regulator over a deterioration in the quality of their accounts. The Financial Reporting Council said that just 50 percent of Grant Thornton's reviews were good or required limited improvements, in a sample of audits of Britain’s 350 top listed companies for the year ending December 2017, compared to 75 percent the previous year — with 26 requiring significant improvement. PwC's FTSE 350 audits saw a deterioration from 84 percent to 65 percent. The Big Four auditors, Ernst & Young, KPMG, Deloitte and PwC, and their next-tier counterparts BDO, Grant Thornton and Mazars, all failed to hit a target of 90 percent of audits reviewed by the regulator being good or requiring only limited improvements.The Financial Reporting Council's statement follows and documents are attached....

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