AQR results 2025

The Financial Reporting Council’s (FRC) Audit Quality Review (AQR) team has today, [Tuesday 15 July 2025], published its annual quality inspection reports of the Tier 1 firms.

In total, 14 of BDO’s audits were reviewed during the 2024/25 inspection cycle, which assessed year ends ranging from June 2023 to March 2024.

The FRC concluded that:

• 7 audit files were good or required limited improvements
• 3 audit files required improvements
• 4 audit files required significant improvements.

The FRC has stated that our inspection results are significantly short of expectations and that recurring findings remain. We are committed to addressing these issues with urgency and transparency, and we welcome the FRC’s continued engagement and oversight as we implement our improvement programme.

Dominic Stammers, Head of Audit at BDO, said: “Ensuring consistency in the execution of high-quality audits is a strategic priority for me, our Audit Executive and the wider Leadership Team.

“We have a clear plan in place to address the FRC’s findings and embed improvements across our audit practice, and I have full confidence in our people’s expertise and commitment to consistently deliver to the highest standards.”
 
ENDS

Note to editors

BDO LLP operates in 18 offices across the UK, employing 8,000 people. It has UK revenues of £1bn.

It provides Audit, Tax, Deals, and Consulting, Risk & Outsourcing services predominantly to mid-sized, entrepreneurially-spirited, high-growth businesses that are driving growth in the UK economy. BDO calls this segment of the market the UK’s economic engine.

BDO LLP is the UK member firm of the BDO international network.

BDO’s global network
The BDO global network provides business advisory services in 166 countries and territories, with more than 119,000 people working out of 1,800 offices worldwide. It has revenues of US$15bn.

Contact: 

Press office
Email: media@bdo.co.uk