Plans for a radical overhaul of the audit market are progressing as the government launches an eight-week consultation to gauge views on CMA market reforms, including possible introduction of joint audits, operational split at Big Four to hive off audit, and more powers for the new audit  regulator

The Financial Reporting Council (FRC) is to introduce more stringent ethical rules for auditors in response to findings from recent audit enforcement cases and audit inspections

The Chartered Institute of Internal Auditors (IIA) has begun a consultation on an internal audit code of practice in the wake of high-profile corporate failures

The government has launched a wide-ranging review into the quality of local authority audits, examining the effectiveness of financial reporting and whether local councils are spotting warning signs early enough

In this month’s audit updates, fines for PwC over Redcentric, KPMG refuses to retender $2.2m Cineworld audit, ICAEW finds one in four audits sub-standard, Gama Aviation ditches Grant Thornton and the Financial Reporting Council gets a new head of audit inspections on loan from the Bank of England

The US is planning to update the Audit Evidence Statement On Auditing Standards (SAS) to modernise the guidance for auditors to reflect increasing use of audit data analytics, blockchain and artificial intelligence (AI)

MPs have accused the government of dragging its feet over reforms to the audit market, with the Business, Energy and Industrial Strategy (BEIS) committee calling for faster action, warning of the risks of becoming bogged down in further consultations with three major reviews already in hand

In this month’s audit updates, FRC reveals final plan and budget, KPMG in £5M Co-Op Bank fine, Mazars bags Goldman Sachs audit, ‘opinion shopping’ hides red flags, Laura Ashley audit fines, Anglo American ditches Deloitte and IAASB consults on audit simplification

In the third part of our series on reforms to auditing standards, Katharine Bagshaw FCA examines the exposure draft on International Standard on Quality Management (ISQM 2) Engagement Quality Reviews, including its applicability for smaller firms

Despite nine Companies Acts in the 20th century, and numerous reviews, nothing has changed to prevent audit failure. Instead of changing the law, David Duvall argues for a change in cultural mindset to overturn auditor complacency and lack of management scrutiny, and clamp down on excessive dividend payments

The International Auditing and Assurance Standards Board (IAASB) is planning to simplify the use of   International Standards on Auditing (ISAs) for the auditing of less complex entities

In this month’s audit updates, the Competition and Markets Authority (CMA) sets out radical reform proposals including mandatory joint audits, Brydon review launches audit process consultation, the future of the Financial Reporting Council (FRC), review of KPMG’s audit practice, sanctions for Grant Thornton and Baker Tilly, and audit switches at Mothercase and French Connection

A swathe of audit reviews from the fundamental structure of the Big Four audit firms to the very future of auditing standards could reshape the whole profession, but are legislators prepared to make the necessary reforms, asks Sara White, editor of Accountancy Daily

The government has made clear that the Financial Reporting Council (FRC) must prioritise inspection and enforcement activities during the overhaul of the regulator and restructure as the Auditing, Reporting and Governance Authority (ARGA)

In the second part of our series on reforms to auditing standards, Katharine Bagshaw FCA examines proposed changes to ISA 220 Quality Management for an Audit of Financial Statements and the introduction of the first quality management standard for auditors, ISQM 1, currently out for consultation by the International Auditing and Assurance Standards Board (IAASB)