ICAEW has called for stable and independent funding to ensure that the Auditing, Reporting and Governance Authority (ARGA) can deliver as a robust audit regulator
The Financial Reporting Council (FRC) has issued a consultation on publishing audit quality indicators for the largest UK audit firms in an attempt to improve audit quality
Problems with public sector accounting rules for infrastructure assets have caused endless delays to local authority audits resulting in a flash consultation on temporary changes to the rules
The Financial Reporting Council has issued a six-week consultation on plans to give it the power to register and strike off auditors of listed companies, removing responsibility from the professional institutes
The Financial Reporting Council (FRC) is consulting on an exposure draft of Proposed ISA (UK) 600 Special Considerations - Audits of Group Financial Statements focusing on audit partner responsibilities and areas of risk
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
