Audit / Grant Thornton picks up £500K Mothercare audit

High street mother and baby retail chain Mothercare has chosen Grant Thornton UK as its new auditor with effect from the 28 March 2020 financial year, ending a 17-year relationship with Deloitte

Audit / BBC criticised for cost overruns on EastEnders set

MPs have lambasted the BBC for ‘fundamental’ project management failures in the redevelopment of the set for its flagship TV series EastEnders, which is set to cost £27m more than budgeted and will be completed five years later than planned

Audit / PwC pays $335m over Colonial Bank audit failures

PwC has paid $335m (£253m) to settle claims brought by the Federal Deposit Insurance Corporation (FDIC) relating to professional negligence in the US firm’s auditing of the Colonial Bank, which collapsed in 2009 with an estimated $3bn loss to the deposit insurance fund

Audit / Audit and quality management: changes to auditing standards - part 1

In the first in a four-part series, Katharine Bagshaw FCA considers quality management of audits and looks ahead to three new standards due to go out for consultation in 2019

Audit / MPs want ‘step change’ in local body auditing transparency

More than one in five local public bodies do not have proper arrangements in place to secure value for money for taxpayers, and some are also not putting enough information in the public domain about their performance, including reports from their external auditors, a public accounts committee (PAC) inquiry has highlighted

Audit / Financial Reporting Lab seeks views on future projects

Just a week after news that the Financial Reporting Council (FRC) is to be disbanded, its financial reporting lab is seeking views on the reporting topics that it should select for its projects over the next few years

Audit / EU agrees framework for whistleblower protection

The European Parliament and member states have reached a provisional agreement on a set of rules that will guarantee a high level of protection for whistleblowers who report breaches of EU law in a range of areas, including anti-money laundering, fraud and corporate taxation

Audit / NAO consults on code of practice for local auditors

The National Audit Office (NAO) is consulting on an update to the code of audit practice for auditors of local public bodies, to be introduced next year

Audit / Section 2 notices raise risk level for accountants

Professional services firms, requests for documents and Section 2 notices under Criminal Justice Act 1987 could pose a risk for accountants and auditors as illustrated in the recent Omers case at the High Court, explains Andrew Wanambwa, partner at law firm Lewis Silkin

Audit / EY digs in at Tullow Oil audit

EY has been chosen as external auditor of multinational oil and gas exploration company Tullow Oil, replacing Deloitte which has held the role since 2002

Audit / Deloitte wins £17m CRH audit

Deloitte is to take over as auditor of FTSE 100 building firm CRH, replacing EY which has held the post since 1988, in win set to bring in fee income of around €20m (£17m)

Audit / FRC to be disbanded as government green lights new audit regulator

The Financial Reporting Council (FRC) will be closed and replaced with a new audit regulator following criticism of their effectiveness of the existing organisation following a string of audit scandals at major listed companies

Accounting / Essentials: Brexit changes to company law for accountants

The government is passing substantive legislative changes to Companies Act 2006 (CA 2006) via statutory instrument and has issued guidance letters for accountants and auditors with advice on how to operate cross-border in the event of a no deal Brexit. James Waller CA, technical writer at Croner-i Tax and Accounting, explains the key considerations

Audit / EY takes the wheel from KPMG on Aston Martin audit

Aston Martin has announced the appointment of EY as its auditor, after KPMG declined to reapply for tender less than three months after the company made its debut on the London Stock Exchange

Audit / FRC consults on tougher going concern rules

The Financial Reporting Council (FRC) is consulting on plans to revise the International Standard on Auditing (ISA) (UK) 570 Going Concern, which will mean requirements for UK auditors will be significantly stronger than those required by international standards