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
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’
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
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
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
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
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
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
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
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
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
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
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
