The Dutch financial services watchdog AFM has criticised the big four accountants groups for again failing to carry out adequate checks on the accounts of listed companies and banks.

AFM staff carried out additional checks on 32 annual reports and found shortcomings in 19 of them.

‘Although steps have been taken, the monitoring of quality by audit firms continues to be a concern and implementing the change agenda continues to be difficult,’ AFM board member Gerben Everts said in a statement.

‘We have also seen good audits, which proves that auditors can deliver quality. But this has to apply consistently across the board in the coming period.’