UK: AIU publishes overview of audit quality inspections

The Audit Inspection Unit - part of the Financial Reporting Council - has published an overview of its 2008/09 audit quality inspections: see here (pdf). The AIU notes (on p. 2): 

The AIU considers the overall quality of major public company audit work to be fundamentally sound. For each major firm the AIU has recommended to the relevant Audit Registration Committee that the firm’s registration to conduct audit work be continued. The AIU was generally satisfied with the basis on which significant audit judgments were made on the individual audits reviewed at the firms. It considered that audit procedures had generally been performed to a good or acceptable standard. However, the AIU identified certain areas at each major firm where improvements were in its view needed in order to enhance audit quality".