Audit

Audit / Big Four alumni on FTSE boards hardly changed from 2017

Despite increased scrutiny, there is still an inextricable link between the boards of the FTSE 100 and the UK’s Big Four audit firms with almost two thirds of FTSE 100 CFOs and audit committee chairs being former partners or staff, according to Accountancy’s annual FTSE 100 and Big Four alumni survey

Audit / Corporate governance code for private companies published

The Financial Reporting Council (FRC) has published the final version of a new code for the corporate governance of large private companies, called the Wates principles, which can be used on an ‘apply or explain’ basis to meet new legal requirements and is intended to encourage greater transparency

Audit / FTSE 100 and Big Four alumni survey 2018: who are the real power brokers?

Increasing focus on the quality of audit in the UK means that the Big Four audit firms are under severe pressure with threats of breakup and radical reform. In our exclusive annual FTSE 100 Big Four Alumni survey, Philip Smith analyses the inextricable link between UK boards and the top audit firms

Audit / FRC calls for better front-end reporting

The Financial Reporting Council (FRC) has flagged up concerns about auditors’ work on the information in the front end of company reports, which it says does not meet the requirements of auditing standards consistently and should be given greater focus

Accounting / Companies House to refer to UN sanctions over 'designated persons'

Companies house has issued guidance that United Nations (UN) sanctions have led to extra checks on applications to register some corporate bodies in order to ascertain if ‘designated persons’ (DPs) are involved

Audit / Crowe dominates charity sector audits

Crowe continues to dominate the audit market in the charity sector, according to a report which shows that over a quarter of charities have used the same auditor for more than ten years and only half of charities have an audit tendering process

Audit / AIM rule change prompts governance improvements

Companies listed on the Alternative Investment Market (AIM) have enhanced their corporate governance disclosures since a new rule change came into effect in September 2018 requiring them to demonstrate adherence to a recognised code, but there is still room for improvement, according to a progress review

Audit / Call to ‘think small’ on audit standards

Standards setters should ensure auditing standards have a simpler language and structure in order to address the challenges of auditing smaller and less-complex entities, rather than the alternative of adopting a different approach, ACCA has claimed

Audit / KPMG grabs largest number of FTSE 100 audits

KPMG has grabbed the top slot for auditing FTSE 100 companies, with the largest number of clients, overtaking PwC which held this position in the rankings since they were first published in 2005

Audit / Audit updates: December 2018

In our monthly roundup of key audit and government news, call for changes to audit profession as it remains 'black box' to outsiders, ISA 315 amendments unsuitable for SMEs, FRC chief Haddrill quits, PwC lands Air Partner audit and Redrow business moves to KPMG

Audit / PwC opens up discussions on future of audit

PwC has announced a programme of actions designed to encourage wider discussion on how auditing needs to evolve for the future, which includes a series of roundtable sessions around the country, culminating in a London event early next year

Audit / Woolf: auditors need to go back to basics

A failure to reform the audit market means that the government is likely to take a hard line with audit firms and revive the principles of 'true and fair', warns Emile Woolf FCA

Audit / Software license auditing risks conflict of interest

The Big Four are risking conflicts of interest by maintaining and actively promoting specialist divisions to run software audits on behalf of software vendors, which can result in substantial claims against companies who are also their audit clients, a new study claims

Audit / Deloitte takes over from PwC at Lloyds Bank after 153 years

Deloitte has been named as the new external auditor for Lloyds Banking Group, replacing PwC which has held the role since 1995, having previously been auditor to certain of its constituent companies stretching back to 1865, making it the longest-running banking audit relationship

Audit / KPMG to face FRC misconduct hearing over Silentnight

The Financial Reporting Council (FRC) is to hear a formal complaint against KPMG and partner David Costley-Wood over allegations of misconduct related to work in 2011 with the UK’s largest bed and mattress manufacturer, Silentnight
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