This statement was made amidst complaints from the Big Four about the challenges they face in recruiting and retaining auditors, which they attribute to criticism from politicians and regulators, as well as high-profile fines for poor work.

Mr Du Plessis dismissed these claims, suggesting instead that higher salaries for junior auditors would enhance the attractiveness of the sector. He told the Financial Times: “There has been a significant increase in profitability at all the audit firms.

“They have the resources available to increase the pay levels of more junior people that they want to attract into their firms and it’s up to them whether they want to do so.”

Recent years have seen a surge in partner pay at the Big Four firms, with two of them reporting annual earnings over £1 million. However, junior auditors have not experienced similar increases. PwC’s average pay for London-based audit graduates last year was £32,000, about half the salary of the city’s top legal trainees.

The FRC chair also discussed the watchdog’s approach to maintaining high audit standards and its policy of naming and shaming audit partners when their work is under investigation. He acknowledged this process is “tough”, but crucial for maintaining public life standards. The FRC, however, plans to avoid naming junior auditors accused of misconduct in the future.