The UK’s auditing watchdog has failed to meet two of the six strategic priorities it set to improve the quality of audit and monitor misconduct due to “resourcing constraints”.

In its 17 July annual report, the Financial Reporting Council said it had carried out fewer audit reviews than intended for the year beginning in April 2019 and ending in March 2020 and that over half of the investigations it completed did not fall within its self-imposed 2-year deadline.