Audit

Audit / Government committed to setting up ARGA audit regulator

The government has signalled its intention to set up a new audit regulator to replace the Financial Reporting Council FRC, despite the cabinet reshuffle which saw the business secretary replaced

Audit / FRC to scrutinise climate change reporting

The Financial Reporting Council (FRC) is to conduct a major review of how companies and auditors assess and report on the impact of climate change

Audit / FRC loses legal challenge over Sports Direct documents

The Financial Reporting Council (FRC) has hit a legal stumbling block in its efforts to require Sports Direct to provide legally privileged documents as part of its probe into Grant Thornton’s auditing of the retailer’s 2016 accounts

Audit / EXCLUSIVE Interview with Sir Jon Thompson, CEO, Financial Reporting Council

Five months into his job as head of the Financial Reporting Council (FRC), Sir Jon Thompson sets out his vision for the future of the audit regulator, the challenges of reforming the market from joint audits to splitting up the Big Four and the timetable for the new Audit, Reporting and Governance Authority (ARGA). Sara White reports

Accounting / FRC warning on coronavirus risk to audits in China

The Financial Reporting Council (FRC) has contacted the Big Four firms to ask what contingency plans they have in place to handle audits for clients with offices in China, while ACCA postpones March exams in China

Accounting / Brexit transition guidance for accountants released

The Financial Reporting Council (FRC) and Department for Business, Energy and Industrial Strategy (BEIS) have published guidance for accountants and auditors confirming that there will be no substantive changes during the transition period post Brexit

Audit / Morris: separating audit profession would restore trust

Andy Morris, head of audit at Dains Accountants, shares his thoughts on the Brydon Report and what it means for the future of the auditing profession 

Audit / US may merge PCAOB audit regulator with SEC

The Trump administration has indicated it plans to abolish the Public Company Accounting Oversight Board (PCAOB), the US audit regulator, and roll its functions into the Securities and Exchange Commission (SEC) in its budget blueprint, although immediate action is unlikely

Audit / Ethics code consultation to strengthen auditor conflict issues

The International Ethics Standards Board for Accountants (IESBA) is consulting on limited scope revisions to the international code of ethics for professional accountants, to clarify issues relating to an engagement quality reviewer’s objectivity

Audit / Plans for ARGA audit regulator due by end March

The government has confirmed that it will replace the Financial Reporting Council (FRC) with a powerful new audit regulator as soon as parliamentary time is available

Audit / Auditor resignations up 21%

The number of auditors resigning from audits is up 21% in a year, as the Financial Reporting Council (FRC) puts firms under pressure to stop using audit as a loss-leader to get higher margin tax and consulting work

Audit / Audit regulator ramps up investigations with 13% budget hike

The Financial Reporting Council (FRC) is significantly beefing up its oversight and supervisory functions, recruiting 100 additional staff to improve the quality of its enforcement activity

Audit / Woolf: radical proposal for state sponsored audit body

The appointment of auditors needs to be nationalised with the creation of a overarching Public Company Audit Office to sign off the accounts if standards are ever to improve, argues Emile Woolf FCA  

Accounting / Airbus fined £3bn over ‘endemic’ corruption

French aerospace company Airbus is to pay over €3.5bn (£2.96bn) in fines globally to settle corruption charges, including almost €1bn to the Serious Fraud Office (SFO) as part of a record-breaking deferred prosecution agreement (DPA)

Audit / Audit updates: February 2020

In this month’s audit updates, Mazars wins AIG UK audit, Carillion audit probe delayed, global audit ethics overhauled, corporate governance tick box approach slammed, and independence call for local audit oversight.
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