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

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

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?

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

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

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

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

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)

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

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

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

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