Auditors in the UK — under fire for several years over their failure to spot high-profile company meltdowns — have introduced additional checks on companies since the pandemic started, to bolster their ability to assess whether they are fit to continue business, the accounting sector watchdog said in a formal review of their practices.

The seven largest firms — PwC, EY, KPMG, Deloitte, Grant Thornton, BDO and Mazars — have expanded the scope of required consultations and guidance for audit teams, as well as increasing the level of regular communications with these departments.