The delay to the publication of a timetable for audit reform has forced the Chartered Institute of Internal Auditors to write to the Prime Minister calling for urgent action

The CIPFA LASAAC Local Authority Code Board has announced an emergency consultation to address the problem with late audits and failure to file timely audited accounts

The Financial Reporting Council (FRC) has launched a consultation on proposals to update and strengthen significantly the Audit Firm Governance Code in support of the FRC’s objectives to promote high-quality audit and audit market resilience

The International Auditing and Assurance Standards Board (IAASB) has published an exposure draft of its new, stand-alone standard for audits of financial statements of less complex entities

Following a number of high profile audit failures, the Financial Reporting Council (FRC) plans to amend the audit enforcement procedure in a bid to speed up investigations

Managed shared audit has come under fire in responses to the government’s consultation on audit reform, with organisations warning that it is unlikely to address the current problems and risks related to audit failures

Listed businesses are highly sceptical about what the government’s proposed reforms to audit and corporate governance will achieve without a more proportionate approach, according to research by accountancy firm PKF, with widespread concern audit fees will rise 

The majority of senior finance professionals in UK-listed businesses want proposed UK audit reforms and the introduction of a UK version of the Sarbanes-Oxley Act (SOX) to be delayed by two years

As the government consults on a raft of audit reform, Paul Brehony, partner and Kate Gee, senior associate at Signature Litigation consider whether this will result in an anticipated uptick in post-pandemic litigation against auditors

As part of the government’s wide ranging reform of the audit market, the Audit, Reporting and Governance Authority (ARGA), which is set to replace the Financial Reporting Council (FRC) in 2023, will have new powers to oversee local government audit

Plans to overhaul the definition of public interest entities under new audit reform proposals will introduce new enforcement powers which will net directors. Harvey Knight, partner in Withers' financial services regulatory team, examines the plans

The wide-ranging audit reform consultation, currently out for review, raises a number of new enforcement powers to control director conduct and change the definition of PIEs. Harvey Knight, partner in Withers' financial services regulatory group, assesses the proposals