Consultations

Practice & Industry

Audit | IAASB consults on audit standard for smaller entities

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

27 Jul 2021

Audit | FRC plans to update audit enforcement procedure

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

26 Jul 2021

Audit | Lack of support for managed shared audit

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

8 Jul 2021

Audit | Two thirds of listed businesses predict rise in audit fees

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

5 Jul 2021

Audit | Two thirds of FTSE finance heads call for delay to audit reforms

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

9 Jun 2021

Corporate governance

Audit | Will audit reform result in uptick in litigation against auditors?

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

24 May 2021

Audit | Revamped FRC will have oversight of public sector audit

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

20 May 2021

Audit | Directors of large public interest entities face enforcement action

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

17 May 2021

Corporate governance

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

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

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