Consultations

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

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

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

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

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

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

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

Audit / Global ethics board plans overhaul of auditor independence rules

The International Ethics Standards Board for Accountants (IESBA) is consulting on significant revisions to the ethics code relating to provision of non-assurance services and fees to client companies in a bid to strengthen auditor independence

Audit / SEC plans overhaul of audit independence rules

The US Securities and Exchange Commission (SEC) is planning to update and strengthen certain aspects of the auditor independence framework

Audit / CIPFA calls for independent regulator to oversee local audit

The Chartered Institute of Public Finance and Accountancy (CIPFA) has criticised the oversight of public sector audit, saying that since the abolition of the Audit Commission, quality has deteriorated 

Audit / Revised Ethics Code requires changes to audit standards

The International Auditing and Assurance Standards Board (IAASB) is consulting on minor amendments to the International Standards on Auditing (ISAs) to match the revised ethics code for accountants

Audit / Brydon criticises ‘shotgun’ approach to auditors over company collapses

Senior management and board directors, and not just the auditors, need to take some of the blame for the string of corporate collapses in recent years, says audit review chief  

Audit / Quality of local authority audit under review

Practitioners who work in the local government sector and audit community are being urged to contribute to the government’s independent Redmond review into the quality and effectiveness of local authority audit

Audit / FRC boss warns reforms ‘may not address expectations’

Audit watchdog increases enforcement team by 25% during preparations for move to more powerful Audit, Reporting and Governance Authority as outgoing chairman warns reviews may not address all stakeholder expectations  

Audit / Audit updates: September 2019

In this month’s audit updates, KPMG is hit with £3.5m BNY Mellon fine, FRC fines hit record levels, firms required to report staff misconduct, BEIS clarifies Sports Direct auditor position, PwC quits Staffline audit but wins IHG audit, IESBA aims to strengthen scepticism, FRC consults on client assets while NAO revises Code of Practice
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