Small auditing firms are passing audit checks at a much worse rate than big ones

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The Financial Reporting Council has warned that in the latest figures about the common reporting standard for auditing in accountancy firms have seen a gap in reporting quality between the audits of big companies and those of a smaller size. Smaller firms audits are becoming increasingly flawed compared to their larger counterparts. According to the industry regulator, the six largest accountancy firms were either good or required only limited improvements in 2016, while the majority of small firms saw an average score of “improvements required”.