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Audit quality improves but inconsistencies persist
Audit quality has broadly improved again but auditors continue to apply standards inconsistently, the FMA’s annual Audit Quality Report 2019 has found. The annual review is part of a three-year monitoring cycle of licensed auditors. Each of the audit firms reviewed for this report have been reviewed previously and the FMA found most auditors had made improvements. The improvements noted and most of the recurring issues were consistent across firms - there were no significant differences in audit quality between firms. The FMA also noted several issues from previous years re-emerging this year: auditor ... (full story)