Auditing

Audit / SEC charges two former KPMG auditors for improper professional conduct

The Securities and Exchange Commission (SEC) has suspended two former KPMG auditors from practicing before the SEC in connection with settled charges against the two for improper professional conduct during an audit of a not-for-profit college

Audit / Operational separation of Big Four audit practices progresses

The Financial Reporting Council (FRC) has confirmed that Big Four firms are on schedule to achieve operational separation of their audit practices as the largest auditors look to restructure their businesses

Audit / Audit sampling Q&A: applying ISA (UK) 500 Audit Evidence

Michelle Roberts ACA and John Selwood ACA consider the most frequent questions received on sampling following recent changes to the Croner-i Navigate Audit tools for best practice improvements in this area

Audit / 10% fee increase for third country auditors

The Financial Reporting Council (FRC) is planning to increase fees for third country auditors by 10% a year

Audit / Audit planning and estimates under ISA (UK) 540

Michelle Roberts ACA examines the impact of ISA (UK) 540 (Revised) Auditing Accounting Estimates and Related Disclosures (2018) on audit planning considerations

Audit / FRC signs dual agreement over ROI/UK audit qualifications

The Financial Reporting Council (FRC) has agreed a Memorandum of Understanding on Reciprocal Arrangements (MOURA) with IAASA, the Republic of Ireland (ROI) competent authority, minimising disruption to cross-border audits

Audit / Regulator cracks down on pension scheme governance failures

The Pensions Regulator (TPR) has banned a corporate trustee and one of its directors from acting as pension scheme trustees after multiple governance failures which it said highlighted a lack of competence, capability and integrity

Audit / Grant Thornton faces £200m legal challenge over Patisserie Valerie audits

Grant Thornton is facing a £200m lawsuit brought by the administrators of collapsed café chain Patisserie Valerie, seeking damages in respect of the firm’s audits for the financial periods September 2014 to September 2017

Audit / FRC consults on tougher audit quality management standards

The Financial Reporting Council (FRC) is consulting on plans to revise the standards for an audit firm’s responsibilities to design, implement and operate a system of quality management, in response to changes made by the International Auditing and Assurance Standards Board (IAASB)

Audit / PKF Littlejohn picks up Boohoo audit

Online fashion retailer Boohoo has appointed PKF Littlejohn as its external auditor, replacing PwC which stepped down from the role in October

Audit / £15m for local audit improvements post-Redmond review

The government is to offer councils an additional £15m in response to findings of the independent review into the effectiveness of local audit carried out by Sir Tony Redmond earlier this year, to fund a suite of improvements in transparency and accountability

Audit / Audit updates: 2020 highlights

In a round-up of the biggest audit stories of the year, we look at all the non-coronavirus news, including audit wins and losses, plans to break up Big Four audit firms, fines, reprimands, standard revisions, audit quality inspections and an exclusive interview with FRC boss Sir Jon Thompson

Audit / IAASB to develop audit standard for less complex entities

The International Auditing and Assurance Standards Board (IAASB) plans to create a separate standard for audits of financial statements of a less complex entity (LCE) and will consult on proposals in early 2021

Audit / FRC flags ‘importance of challenge culture’ in audit firms

The Financial Reporting Council has undertaken new analysis of its audit quality inspection results after discovering 80% of audits required improvement, effective challenging was a key component  

Audit / Deadline for Covid insolvency measure changes extended

The government has announced a further extension to changes to insolvency measures and the regulations for company AGMs, designed to relieve the pressure on businesses dealing with coronavirus
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