The Financial Reporting Council (FRC) has issued guidance for auditors on addressing potential exceptions when using data analytics in an audit

Big Four audit firm EY and audit engagement partner Mark Harvey have been handed a fine of £3.5m from the Financial Reporting Council (FRC) for audit failures relating to the Stagecoach audit in 2016-17

The Association of Accounting Technicians (AAT) has released its annual report which showed a £7.8m surplus in the membership body’s income reserve level

FTSE 250 window and door specialist Tyman has swapped auditor following a competitive tender process which sees PwC lose contract after 10 years 

FTSE 250 listed CLS Holdings plc has confirmed plans to change auditors with the appointment of EY as the group’s external auditor

AIM listed Watkin Jones plc has changed Big Four auditor after more than two decades of using EY as it appoints Deloitte

 Nearly half of organisations, 48%, do not include climate risks in their business risk reports, with over half, 53% not having a dedicated executive leader accountable for sustainability and climate risk reporting, NAO report reveals

The Financial Reporting Council (FRC) has fined KPMG £13m for misconduct in the fundamental principles of objectivity and integrity in the sale of Silentnight to HIG Capital in 2011

Grant Thornton sees an improvement from last year’s annual quality inspection report with the Financial Reporting Council (FRC) finding that out of seven assessments six, 86%, of audits reviewed in the current inspection cycle were assessed as good, and limited improvements required

In the latest audit quality inspection reports, the Financial Reporting Council (FRC) has raised concerns about the level of management challenge at EY, but recognised that the audit firm had improved its overall audit quality

The Financial Reporting Council (FRC) found that Mazar’s audit quality plan (AQP) needs to be ‘urgently’ and ‘significantly’ updated as the number of audits requiring improvements by Mazars last year was ‘unacceptable’

In this year’s audit quality inspection reports, the Financial Reporting Council (FRC) flagged a number of areas of concern, stating that Deloitte auditors needed to improve the evaluation and challenge of management’s key assumptions of impairment assessments of goodwill and other assets