Auditing

Audit / FRC seeks KPMG response to Carillion probe

The Financial Reporting Council (FRC) has completed its initial report in connection with its extensive investigation into KPMG’s audit of the financial statements of Carillion, the outsourcing company which collapsed in January 2018

Audit / MHA picks up FTSE 250 miner audit

MHA MacIntyre Hudson (MHA) has been appointed as external auditor to FTSE 250-listed Petropavlovsk, the Russian gold mining company which had previously lined up PwC for the role only for the Big Four firm to decline

Audit / Call for Treasury to ensure cash access

The National Audit Office (NAO) is calling on the Treasury to launch a coordinated effort to safeguard access to cash, as Covid-19 has accelerated the move to online transactions, and there is a risk that vulnerable people who rely on paying money will be excluded

Audit / IAASB to examine going concern ‘expectation gap’

The International Auditing and Assurance Standards Board (IAASB) has opened a consultation on fraud and going concern in audits, in response to concerns raised by high-profile corporate failures in recent years

Audit / Audit firms report split progress

As Deloitte reveals plans to implement FRC audit firm split, Accountancy Daily reviews progress ahead of October deadline

Audit / Half of internal audit functions affected by coronavirus redeployment

Chartered IIA study raises concerns for corporate governance during coronavirus crisis, and reveals the extent of disruption to internal audit teams, as 46% of internal audit teams have been affected by redeployment during coronavirus lockdown

Audit / Deloitte first to confirm audit split

Deloitte is to set up an independent audit governance structure, becoming the first of the Big Four to respond to demands from the Financial Reporting Council (FRC) for an operational separation of audit from the rest of the firm’s business

Audit / Call for new public sector audit body

An independent inquiry into public sector auditing has recommended a shake-up of the sector, with a new regulatory body to oversee local authority audit and the introduction of a standardised statement of services and costs

Audit / Grant Thornton loses appeal over £22.6m damages

The Court of Appeal has dismissed an attempt by Grant Thornton to overturn a record £22.6m claim for damages brought by former client AssetCo over the firm’s failure to spot a fraud at the AIM-listed company, which nearly collapsed as a result of an accounting scandal

Audit / Internal audit leader makes case for regulator with real power

As the BEIS select committee’s audit reform review draws to a close, John Wood, chief executive of the Chartered Institute of Internal Auditors, argues that now is the time for the government to deliver on its promise of a powerful regulator

Audit / PwC declines audit role at Russian gold miner

PwC has announced it is not able to accept its proposed appointment as auditor to FTSE 250 company Petropavlovsk, citing governance concerns at the troubled Russian gold mining company

Audit / FTSE 100 audit fees hit £911m

Audit fees at FTSE 100 companies have reached a new high, totalling £911m in 2019, up from £892m the previous year, in response to pressure from regulators for firms and their clients to invest more in core auditing activity

Audit / Lookers delays accounts as £19m probe widens

Listed car dealership admits no longer possible to release 2019 financial statements by end of August as scope of audit widens following Grant Thornton investigation into accounts blackhole

Accounting / Covid-19: revenue considerations for accountants and auditors - CPD module - NEW

This month's exclusive Accountancy Daily CPD module focuses on how accountants and auditors will need to pay close attention to how revenue is treated in the accounts as companies prioritise generating revenue to overcome the pandemic

Audit / FRC fines BDO £200,000 over insurance audit failings

BDO has been fined £200,000 and sanctioned by the Financial Reporting Council (FRC) for lapses in its auditing of insurer AmTrust Europe Ltd (AEL), which included failing to report its evaluation of independent experts’ assessments
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