Consultations

Audit | Warning for company directors of public interest entities

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

27 Apr 2021

Audit | FRC sketches out initial views on audit sanctions for auditors and directors

The Financial Reporting Council (FRC) has set out its preliminary interpretation of the sanctions regime under the government’s proposed audit reforms and plans to hire new staff to strengthen its director oversight programme

8 Apr 2021

Corporate governance

Corporate reporting

Audit | Are mid-tier audit firms prepared for managed shared audit?

Julie Matheson, regulatory partner accounting services at law firm Kingsley Napley LLP, examines the government’s audit reform proposals, asking whether this is a golden opportunity for mid-tier audit firms or a poisoned chalice?

25 Mar 2021

Audit | Audit market reform will hold company directors accountable

The government is proposing a major overhaul of the UK’s audit sector, with plans to break up the dominance of the Big Four, hold company directors of big businesses to account with the threat of fines or suspensions in the most serious cases, and create a new statutory regulator

19 Mar 2021

Corporate governance

Audit | Separate professional body for auditors proposed

In the wide-ranging proposals for reform of the UK audit market, the government is proposing setting up a stand-alone professional body solely for auditors

18 Mar 2021

Audit | More powers for audit regulator as ARGA plans take shape

Plans to create a new audit regulator, the Audit, Reporting and Governance Authority (ARGA) to replace the Financial Reporting Council (FRC), putting the new body on a statutory basis with a range of new powers, have been clarified in the audit white paper

18 Mar 2021

Corporate governance

Audit | 10% fee increase for third country auditors

The Financial Reporting Council (FRC) is planning to increase fees for third country auditors by 10% a year

16 Feb 2021

Audit | FRC consults on tougher audit quality management standards

The Financial Reporting Council (FRC) is consulting on plans to revise the standards for an audit firm’s responsibilities to design, implement and operate a system of quality management, in response to changes made by the International Auditing and Assurance Standards Board (IAASB)

23 Dec 2020

Corporate governance

Corporate reporting

Audit | IAASB to develop audit standard for less complex entities

The International Auditing and Assurance Standards Board (IAASB) plans to create a separate standard for audits of financial statements of a less complex entity (LCE) and will consult on proposals in early 2021

17 Dec 2020

Audit | FRC to look at review standard for interim financial statements

The Financial Reporting Council (FRC) is consulting on proposals to revise its review standard for interim financial statements, to ensure the level of work carried out by auditors reflects wider expectations on going concern

30 Nov 2020

Corporate governance

Corporate reporting

Practice & Industry

Audit | FRC to beef up standard on fraud detection

The Financial Reporting Council (FRC) is to update the UK auditing standard covering the auditor’s responsibility relating to fraud, amid concerns that the 16-year old regulations are not sufficiently clear about what the requirements are

22 Oct 2020

Corporate governance

Corporate reporting

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

17 Sep 2020

Corporate governance

Corporate reporting

Audit | Audit updates: March 2020

In this month’s audit updates, FRC loses Court of Appeal challenge over disputed Sports Direct documents, budget rise to fund recruitment drive at Financial Reporting Council, ARGA audit regulator on the agenda, and audit flip at Hill & Smith

2 Mar 2020

Corporate governance

Corporate reporting

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

13 Feb 2020

Corporate governance

Audit | Audit regulator ramps up investigations with 13% budget hike

The Financial Reporting Council (FRC) is significantly beefing up its oversight and supervisory functions, recruiting 100 additional staff to improve the quality of its enforcement activity

5 Feb 2020

Corporate governance

Corporate reporting

Practice & Industry

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

29 Jan 2020

Corporate governance