The UK’s biggest accounting firms have been criticised by the industry’s watchdog for an “unacceptable” decline in the quality of their work after a third of their audits fell below its expected standard. The Financial Reporting Council said a higher number of audits needed significant improvements at each of the Big Four firms — PwC, Deloitte, EY and KPMG — as well as the smaller firms BDO and Grant Thornton.
