AS THE FRC PUTS PRESSURE ON TIER 1 FIRMS, ASK YOURSELF THIS SIMPLE QUESTION. IS YOUR BUSINESS STILL A PRIORITY?
With the recent Financial Reporting Council (FRC) publication of its Annual Review of Audit Quality, plenty of feathers are being ruffled.
But what does this review mean for most mid-market businesses?
And where can a challenger firm like Cooper Parry provide a viable, pragmatic and commercial alternative?
Let’s be honest, if you’re a CFO, this isn’t exactly bedtime reading — but this year’s findings carry real-world consequences, especially if your auditor is one of those challenged by the findings.
WHAT ARE THE TELL-TALE SIGNS THAT YOUR BUSINESS IS LESS OF A PRIORITY?
The FRC’s review covers inspection and supervision results across the UK Public Interest Entity (PIE) market. While some Tier 1 firms have shown improvement, the report highlights recurring quality failings and calls for urgent remedial action.
For many mid-market businesses, especially AIM-listed companies, PE-backed groups, privately-owned businesses and UK subsidiaries, the implications are clear:
- Timeline drift. More rigorous procedures and deeper scrutiny will stretch audit delivery, potentially clashing with your internal reporting schedules.
- Fees on the up. Extra work means added cost, and for mid-market companies this will be felt more sharply in operational budget
MID-MARKET AUDITS: KEY FRUSTRATIONS AND OPPORTUNITIES
With audits under the spotlight more than ever, CP has recently chatted with over 300 C-suite executives across the UK’s mid-market — spanning PE-backed, AIM-listed, and privately-owned companies. These conversations consistently reveal seven key audit pain points:
- Where are the efficiencies? 87% are planning to review their auditor in the next 12 months, citing stagnant processes and repetitive, manual work despite “digital transformation” promises.
- “Please, just talk to me” Over 60% highlight poor communication; portals have replaced conversations, eroding relationships.
- “…Or at least call me back!” 72% say responsiveness is a major issue, with long silences followed by last-minute demands.
- Sledgehammer meets nut Overly burdensome procedures, disproportionate to business complexity, driven by regulation and risk aversion.
- “Surprise, surprise. Another invoice” 42% of those who reviewed auditors last year did so because fees didn’t align with value received.
- The ‘Add-on’ trap Low initial quotes followed by multiple “scope creep” charges are common, leaving clients feeling compromised and misled.
- The big firm disconnect Large national and Big 4 firms often deprioritise mid-market audits, sometimes advising clients to look elsewhere.
These pain points are being amplified by the FRC’s heightened scrutiny, creating a perfect opportunity to consider whether your current auditor is really on the same page as you.
HOW COOPER PARRY MAKES YOU A PRIORITY
The Big 4 makes total sense for the largest, most complex, global companies. But for many mid-market businesses, that scale comes with trade-offs that can leave many feeling like a small fish in a very big pond.
As we create the UK&I’s next-gen professional services group (embracing wealth management and tech too), here’s where CP challenges this status quo:
You’re front-of-mind, not an afterthought
At the Big 4 the largest PIE clients get the lion’s share of attention. Mid-market businesses often get less responsiveness, more last-minute demands, and sometimes a suggestion to “find another auditor.” The mid-market is our sweet spot, meaning your audit is always front and centre.
Big 4 capability, with boutique energy
Many of our talented team have Big 4 backgrounds, so you get the same technical firepower, but it’s all delivered with agility, pragmatism, and personality. Our people-first delivery cuts through red tape and focuses on what matters most to your business.
A process built around your business, not for the Regulator’s convenience
We don’t audit PIEs, so we’re not bogged down by the same FRC scrutiny that can slow Big 4 audits to a crawl. Our collaborative, tech-enabled process means faster turnaround, fewer repetitive requests, and a focus on adding value rather than just ticking boxes.
No “Death by a thousand add-ons”
We’re upfront about our fees. No hidden extras. No surprise invoices halfway through the job. In fact, if you get one of these, we guarantee you won’t have to pay it. Instead, we deliver clear scope, transparent pricing, and work that delivers genuine added value.
We challenge, not simply comply
While Big Four firms are often locked into process-heavy approaches, we’re not afraid to challenge how things are done if it helps you achieve success. We blend commercial insight with compliance — so your audit works for you, not against you.
Human, not corporate
175 years young this year, our culture has always allowed us to blend expertise with personality. You’ll know your audit team, they’ll know your business, and you’ll get continuity year after year — not a new team learning your business from scratch every time.
CHALLENGING AT EVERY OPPORTUNITY
At Cooper Parry, we work hard to understand what really matters to our clients. We challenge, we’re curious. Once we know what are the non-negotiables (it’s slightly different for each one, of course), we then do something about them.
The output to all this? You get:
- The brightest talents, working with continuity, confidence, and collaboration.
- Total transparency, clarity, and trust.
- Everything delivered on time, on brief, and on budget.
- The feelgood factor that your business is our key priority.
PERHAPS THIS SHOULD BE YOUR PRIORITY?
If any of these points chime with you, let’s talk.
There’s probably never been a better time.
