UK: Audit Inspection Unit reports published

The Professional Oversight Board, part of the Financial Reporting Council, has published inspection reports by the Audit Inspection Unit for 2008/9 in respect of Grant Thornton UK LLP (here); Horwath Clark Whitehill LLP (here); KPMG LLP and KPMG Audit PLC (here); and PricewaterhouseCoopers LLP (here). In general, the reports indicate that audit procedures were being performed to a good or acceptable standard in the audits surveyed. Nevertheless, in several of the audits reviewed the AIU identified the need for improvements in the obtaining and/or recording of audit evidence.