Some 11% of audits of large public interest companies last year required improvements, according to the sector's oversight body Iaasa. Photograph: iStockImprovements were required in 11 per cent of audits of public interest entities last year, according to the findings of a quality assurance review by the sector’s oversight body Iaasa.
Each year Iaasa selects a sample of audits of PIEs by seven accounting firms using a risk-based approach. It uses grades of one to four . PIEs are companies of significant public interest because of their size and scale, their number of employees or their corporate status.