Audit

Audit / FRC to beef up standard on fraud detection

The Financial Reporting Council (FRC) is to update the UK auditing standard covering the auditor’s responsibility relating to fraud, amid concerns that the 16-year old regulations are not sufficiently clear about what the requirements are

Audit / EXCLUSIVE: interview with Mazars UK head of audit

Head of audit at Mazars UK, Bob Neate, has his say on audit reform in the UK – explaining how he expects smaller firms to follow the Big Four in splitting operations and the benefits of more players through joint audit - as ‘everyone accepts that competition enhances quality’, Zak Jakubowski reports

Audit / SEC makes auditor independence requirements more flexible

The Securities and Exchange Commission (SEC) has announced it is to relax some of its auditor independence requirements in a bid to reduce the number of technical rule violations and increase the pool of audit firms from which companies can select

Audit / Big Four’s non-audit fees for clients fall 20%

Audit income at the Big Four firms rose sharply last year, but was accompanied by a marked drop in fees from non-audit work for audit clients, ahead of the requirement for formal separation of activities, according to the latest Financial Reporting Council (FRC) analysis

Audit / KPMG to replace Deloitte at petrol forecourt giant

Deloitte has resigned as auditor to EG Group, the company set up by the billionaire Issa brothers who have also recently acquired supermarket giant Asda, and is to be replaced by KPMG

Audit / AIM bounces back to pre-Covid highs

The Alternative Investment Market (AIM) all-share index has returned to its 2020 pre-Covid highs, outperforming the FTSE all-share index, according to BDO

Audit / Woolf: public audit office only independent answer

In the wake of Deloitte’s £15m fine over its work at Autonomy, Emile Woolf puts forward the case for a new public audit office to resolve the auditor independence argument once and for all

Audit / ICAEW finds slow progress on improving audit quality

The quality of auditing of non-public interest entities (PIEs) is failing to improve, according to the ICAEW Regulatory Board (IRB) annual audit monitoring report, which highlights the need for greater auditor scepticism and robust challenge of management

Audit / Almost two-thirds of FTSE 350 compliant with new corporate governance code

UK companies are largely meeting new corporate reporting requirements arising from the Financial Reporting Council’s changes in 2018, but need to demonstrate the link between intention and action more explicitly, research by EY has found

Audit / FRC seeks KPMG response to Carillion probe

The Financial Reporting Council (FRC) has completed its initial report in connection with its extensive investigation into KPMG’s audit of the financial statements of Carillion, the outsourcing company which collapsed in January 2018

Audit / MHA picks up FTSE 250 miner audit

MHA MacIntyre Hudson (MHA) has been appointed as external auditor to FTSE 250-listed Petropavlovsk, the Russian gold mining company which had previously lined up PwC for the role only for the Big Four firm to decline

Audit / Call for Treasury to ensure cash access

The National Audit Office (NAO) is calling on the Treasury to launch a coordinated effort to safeguard access to cash, as Covid-19 has accelerated the move to online transactions, and there is a risk that vulnerable people who rely on paying money will be excluded

Audit / IAASB to examine going concern ‘expectation gap’

The International Auditing and Assurance Standards Board (IAASB) has opened a consultation on fraud and going concern in audits, in response to concerns raised by high-profile corporate failures in recent years

Audit / Audit firms report split progress

As Deloitte reveals plans to implement FRC audit firm split, Accountancy Daily reviews progress ahead of October deadline

Audit / Half of internal audit functions affected by coronavirus redeployment

Chartered IIA study raises concerns for corporate governance during coronavirus crisis, and reveals the extent of disruption to internal audit teams, as 46% of internal audit teams have been affected by redeployment during coronavirus lockdown
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