Audit

Audit / Big Four reject breakup in response to CMA study

An invitation to comment on a Competition and Markets Authority (CMA) audit market study has resulted in the Big Four unanimously rejecting the possibility of being broken up and expressing a range of opinions on market share caps and non-audit service restrictions

Audit / Oman suspends KPMG from beginning audits for a year

KPMG has been suspended from auditing entities regulated by Oman’s Capital Market Authority for a year following the discovery of what were described as ‘major financial and accounting irregularities’

Audit / US Pentagon fails first-ever audit

The first-ever audit of the Pentagon has identified multiple issues resulting in a heavily qualified opinion of the financial management systems and information technology at the US Department of Defense (DOD), which says it plans to use the findings to improve its financial controls

Audit / FRC announces audit monitoring priorities

The Financial Reporting Council (FRC) has indicated it plans to focus on the use of audit quality indicators (AQIs) and applying technology in audits during its inspections for 2019/20, as the regulator released details of its thematic reviews, priority sectors and audit areas of focus

Audit / Technology driving corporate reporting change, says EY

Smart technologies including artificial intelligence (AI), increased use of non-financial data and innovative approaches to recruitment are changing corporate reporting, enabling companies to offer greater transparency and so increase public trust in business, research by EY has found

Audit / Redrow builds audit future with KPMG

FTSE 250 housebuilder Redrow has appointed KMPG as its auditor for the financial year commencing 1 July 2019, ending a 20-year relationship with PwC

Audit / Grant Thornton against separating audit and non-audit practices of Big Four

In its response to the Competition and Markets Authority (CMA) review, Grant Thornton has called for a ban on firms receiving non-audit fees from Public Interest Entity (PIE) clients however does not believe that splitting Big Four audit and non-audit practices will be an effective remedy

Audit / Field queries Insolvency Service refusal to reopen BHS probe

The chair of the work and pensions committee, Frank Field MP, is to meet later this month with Sarah Albon, chief executive of the Insolvency Service, to obtain further details regarding its refusal to reopen an investigation into the audit of BHS

Audit / BEIS committee begins inquiry into ‘broken’ audit market

The chair of the business, energy and industrial strategy (BEIS) committee has announced the launching of an inquiry into the future of audit, examining what steps need to be taken to restore public trust in the market

Audit / Deloitte calls for market cap and ban on non-audit services

In its response to the Competition and Markets Authority (CMA) review, Deloitte has called for an audit market share cap to address competition issues and a ban on firms selling non-audit services to audits clients

Audit / KPMG to abandon FTSE 350 non-audit services

KPMG is reportedly to become the first Big Four firm to cease non-audit work for FTSE 350 clients, according to leaked letter to its 625 UK partners, in a move intended to put it ahead of greater regulatory oversight

Accounting / PwC called in for forensic review of Yü Group accounts

Yü Group plc has called in PwC to conduct a forensic review following accounting irregularities at the AIM-listed supplier of gas and electricity to UK businesses 

Audit / Air Partner drops Deloitte for PwC auditors

Private jet operator Air Partner plc has ended a seven-year audit agreement with Deloitte as its external auditor and hired PwC after the FTSE 250 listed company reviewed its audit business

Audit / Landmark privilege rulings affect auditors and clients

What the Court of Appeal gives, the High Court takes away: two major decisions on legal professional privilege in the cases of ENRC v SFO and Financial Reporting Council v Sports Direct International plc have important ramifications for auditors and audit clients. Ross Dixon and Chris du Boulay at Hickman and Rose examine the decisions

Audit / Mazars calls for joint audits for UK listed companies

In Mazars' response to the Competition and Markets Authority (CMA) statutory audit market study, it says that it is ‘fully supportive of changes which propose to create a genuinely competitive audit market that addresses stakeholders’ needs’ and pushes for joint audits

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