Consultations

Audit / Grant Thornton against separating audit and non-audit practices of Big Four

In its response to the Competition and Markets Authority (CMA) review, Grant Thornton has called for a ban on firms receiving non-audit fees from Public Interest Entity (PIE) clients however does not believe that splitting Big Four audit and non-audit practices will be an effective remedy

Audit / Mazars calls for joint audits for UK listed companies

In Mazars' response to the Competition and Markets Authority (CMA) statutory audit market study, it says that it is ‘fully supportive of changes which propose to create a genuinely competitive audit market that addresses stakeholders’ needs’ and pushes for joint audits

Audit / FRC launches project on future of reporting

The Financial Reporting Council (FRC) has begun a major project which aims to challenge existing thinking about corporate reporting and consider how companies should better meet the information needs of shareholders and other stakeholders, as well as alternative ways of delivering that information

Audit / Roberts: rebuilding trust and integrity in UK auditors

With the Big Four audit market facing a competition review by the Competition and Markets Authority, Jon Roberts, partner and head of assurance at mid-tier firm Grant Thornton UK, asks how to rebuild trust and integrity for the longer term in the audit profession

Audit / CMA launches audit market review

The Competition and Markets Authority (CMA) has announced the launch of its anticipated study of the audit sector, designed to examine concerns that it is not working well for the economy or investors because of the dominance of the Big Four and a lack of competition

Audit / Government plans overhaul of dividend framework

The government is considering whether to reinforce the rules on dividend payouts and distributions to give stronger reassurances to shareholders and prevent dividends from undermining the viability of a company, reports James Bunney

Audit / Large private companies face extension of corporate governance code

The Financial Reporting Council (FRC) has published a consultation on corporate governance principles for large private companies, on behalf of James Wates who has been chairing a coalition group considering the need for improved transparency and accountability in this area

Audit / Monitoring Group says widespread support for audit standards reform

The Monitoring Group is to push ahead with proposals for reform of the way in which audit standards are set globally, including steps to make the process independent of the audit profession, saying feedback to its consultation has revealed widespread support for some, but not all, of its proposals

Audit / Call for evidence for Kingman review of FRC’s role

Sir John Kingman has launched a two-month long call for evidence as part of his independent review of the Financial Reporting Council (FRC), which will examine the regulator’s role, impact and effectiveness, powers, governance and leadership

Audit / FRC receives no feedback on third country auditor’s fees consultation

Due to the Financial Reporting Council (FRC) receiving no response on its consultation on plans to increase registration and annual renewal fees for third country auditors, the regulator has decided to put the 2018 Instrument into effect from 29 May 2018

Audit / IAASB seeks stakeholder views on its future strategy

The International Auditing and Assurance Standards Board (IAASB) has released a survey to seek views from its stakeholders on emerging developments and trends that are likely to be important to its 2020-2023 strategy

Audit / Babington: Monitoring Group must ensure audit standard setting fit for future

As the Monitoring Group considers the response to its ambitious proposals to overhaul audit standard setting, Mark Babington, deputy director, audit policy of the Financial Reporting Council (FRC), calls for wide stakeholder involvement to ensure the proposed Public Interest Framework, set for release this autumn in draft format, is fit for purpose

Audit / Global ethics board consults on professional scepticism in audit

The International Ethics Standards Board for Accountants (IESBA) has issued a consultation on how to improve the standards of professional scepticism shown by accountants and auditors, and whether to make it a mandatory requirement

Audit / Government names advisory group for audit regulator review

Two ICAEW members are among the panel of 11 senior figures from business, the investment community, governance and regulation that will support Sir John Kingman’s review into the audit regulator, the Financial Reporting Council (FRC)

Audit / Monitoring Group governance plans for audit face fierce criticism

Plans put forward by the Monitoring Group for a major overhaul of the global audit standard setting process, which include significant governance changes and the creation of a single audit and ethical standards setting body, have run into stiff opposition
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