The failure of fintech Wirecard has raised concerns at the EU, where MEPs are examining ways to reform audit rules and improve EU supervision

The government is proposing a major overhaul of the UK’s audit sector, with plans to break up the dominance of the Big Four, hold company directors of big businesses to account with the threat of fines or suspensions in the most serious cases, and create a new statutory regulator

As the government sets out plans for extensive reform of the audit market, accountants and auditors react to the plans with calls for a fixed timetable and concerns about unintended consequences, possibly creating a two-tier audit market

In the wide-ranging proposals for reform of the UK audit market, the government is proposing setting up a stand-alone professional body solely for auditors

The National Audit Office (NAO) has reported that less than half of local councils, local police and local fire bodies’ 2019-20 audits were completed by the revised deadline of 30 November 2020, despite this having been pushed back to take account of the impact of the Covid-19 pandemic

Michelle Roberts ACA, audit writer at Croner-i and Ian Connon MA FCA, BDO LLP, examine two of the biggest changes to audit reports for 2020 year ends resulting from the latest revisions to ISA (UK) 700 Forming an Opinion and Reporting on Financial Statements and ISA (UK) 570 Going Concern

The UK, US and German divisions of mid tier auditor BDO have won the largest ever international audit client for the global firm, replacing KPMG 

The Financial Reporting Council (FRC) has commenced an investigation into the audits by Deloitte LLP of the financial statements of national car dealership Lookers plc for the years ended 31 December 2017 and 2018

With announcements about a wide ranging overhaul of the audit profession, Simon Bittlestone, CEO of Metapraxis, argues that auditors fail to learn from the criticisms in the annual audit report inspections

The Financial Reporting Council (FRC) delivered its Initial Investigation Report (IIR) in connection with its two-year probe, opened in February 2019, into certain aspects of KPMG’s audit of the financial statements of collapsed outsourcer Carillion plc for the year ended 31 December 2013

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

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