Auditing

Audit / KPMG slammed with £700k fine over audit failures at listed company

Big Four audit giant KPMG and a current partner have been severely sanctioned by the Financial Reporting Council (FRC) over significant audit failures which occurred in the conduct of a major company audit in 2016

Audit / Covid-19: FTSE audit tenders face delays, partner engagements extended

The length of time an audit partner can remain in position without rotating off the client company can be extended on a temporary basis due to the ongoing covid-19 crisis, the Financial Reporting Council (FRC) has confirmed, while it is calling for a halt on company audit tender processes, reports Philip Smith 

Audit / Covid-19: regulators issue joint guidance on financial reporting and audit requirements

The Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) have announced a series of changes to the timing and content of financial information and the audit work required, in response to the current crisis, reports Pat Sweet

Audit / Covid-19: FRC considers delay to audit quality inspections

The Financial Reporting Council (FRC) is closely monitoring the impact of covid-19 on audit quality inspections (AQI) as the US regulator suspends review work for 45 days, reports Philip Smith

Audit / Thomas Cook collapse depletes travellers’ compensation fund

The collapse of Thomas Cook cost the government at least £156m, and has severely compromised the ability of the travel industry’s own compensation fund to cope with another operator’s failure, the National Audit Office (NAO) warns

Audit / Going concern and the revised ISA (UK) 570

The importance of going concern cannot be underestimated when auditors review the financial viability of a business and complete the annual audit. David Duvall, senior technical writer at Croner-i, examines the key issues in the revised going concern audit standard

Audit / Covid-19: FRC advice for auditors and financial reporting

The Financial Reporting Council (FRC) has updated its guidance for auditors, advising that reporting schedules may need to be delayed to ensure audits continue to comply with required standards

Audit / Coronavirus: what internal auditors need to know

At times of crisis internal auditors play a vital role advising on reputational risk and crisis management, explains Richard Chambers, president and CEO, Chartered Institute of Internal Auditors

Audit / BDO replaces KPMG as Oxford Instruments auditor

FTSE 250 listed Oxford Instruments plc is planning to switch auditors, appointing its first mid-tier auditor BDO to replace incumbent KPMG after more than three decades

Audit / FRC outlines plans for radical Big Four separation

Plans to break up the Big Four audit firms are at the early stages but the regulator is aiming for an operational split of audit practices by 2022. Sara White interviews FRC head of audit firm supervision Claire Lindridge

Audit / Audit updates: March 2020

In this month’s audit updates, FRC loses Court of Appeal challenge over disputed Sports Direct documents, budget rise to fund recruitment drive at Financial Reporting Council, ARGA audit regulator on the agenda, and audit flip at Hill & Smith

Audit / NAO warns MoD of £13bn overspend

The National Audit Office (NAO) has rated the Ministry of Defence’s (MoD’s) equipment plan for the next decade as ‘unaffordable’ and warns the department risks a £13bn overspend

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 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

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
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