Auditing

Audit / FRC to scrutinise climate change reporting

The Financial Reporting Council (FRC) is to conduct a major review of how companies and auditors assess and report on the impact of climate change

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

Audit / Morris: separating audit profession would restore trust

Andy Morris, head of audit at Dains Accountants, shares his thoughts on the Brydon Report and what it means for the future of the auditing profession 

Audit / US may merge PCAOB audit regulator with SEC

The Trump administration has indicated it plans to abolish the Public Company Accounting Oversight Board (PCAOB), the US audit regulator, and roll its functions into the Securities and Exchange Commission (SEC) in its budget blueprint, although immediate action is unlikely

Audit / Ethics code consultation to strengthen auditor conflict issues

The International Ethics Standards Board for Accountants (IESBA) is consulting on limited scope revisions to the international code of ethics for professional accountants, to clarify issues relating to an engagement quality reviewer’s objectivity

Audit / Plans for ARGA audit regulator due by end March

The government has confirmed that it will replace the Financial Reporting Council (FRC) with a powerful new audit regulator as soon as parliamentary time is available

Audit / Auditor resignations up 21%

The number of auditors resigning from audits is up 21% in a year, as the Financial Reporting Council (FRC) puts firms under pressure to stop using audit as a loss-leader to get higher margin tax and consulting work

Audit / Audit updates: February 2020

In this month’s audit updates, Mazars wins AIG UK audit, Carillion audit probe delayed, global audit ethics overhauled, corporate governance tick box approach slammed, and independence call for local audit oversight.

Audit / Beales’ auditor may face ICAEW probe

ICAEW is considering whether to investigate the auditors of failed department store chain Beales over going concern issues

Audit / Hill & Smith ends 20-year audit relationship with KPMG

FTSE 250 listed engineering services company Hill & Smith Holdings plc is planning to flip Big Four auditors with the appointment of EY 

Audit / FRC consults on revisions to risk assessment standard

The Financial Reporting Council (FRC) is consulting on proposals to revise the UK audit standard, ISA (UK) 315 on identifying and assessing the risks of material misstatement

Audit / Professional scepticism in audit: part 2

In the second part of a two-part series, Croner-i senior technical writer Michelle Roberts ACA looks at how auditors can avoid criticism for failing to provide evidence of professional scepticism by ensuring all discussion, challenges and judgments are documented

Audit / Global ethics board plans overhaul of auditor independence rules

The International Ethics Standards Board for Accountants (IESBA) is consulting on significant revisions to the ethics code relating to provision of non-assurance services and fees to client companies in a bid to strengthen auditor independence

Audit / NAO releases draft Code of Audit Practice 2020

The National Audit Office (NAO) has published the final draft of the new Code of Audit Practice 2020, confirming more robust narrative reporting requirements 
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