Deloitte failed to do enough work on half the audits reviewed by the watchdog last financial year, while KPMG fell short on 48 per cent.
The firm’s managing partner of audit and assurance, Jo Gorton, said on Friday that she was “disappointed” by the results but that “caution was needed in generalising the results” as ASIC only reviewed a minute portion of the firm’s audit work.
The firm is already undertaking a comprehensive audit quality transformation plan, as well as hiring record numbers of people. Despite EY’s results worsening from last year, the firm’s assurance leader Glenn Carmody said he was “comfortable” with the 15 per cent figure considering ASIC was “getting better at targeting the most at-risk audits”.
“We obviously take audit quality really seriously and actually, I think the whole market does ... it’s really important for our capital markets that we have a strong audit profession holistically.”
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