Consultations

Audit / PRA reviews external audit of public disclosure rules

The Prudential Regulation Authority (PRA) is consulting on a revision to the rules for the external audit of public disclosure requirements under Solvency II, which would see certain smaller insurers excluded from the requirement

Audit / ACCA calls for focus on principles and outcomes in corporate governance

The UK corporate governance code should have a stronger focus on understanding and applying the principles of good corporate governance, rather than a compliance-led ‘box ticking’ approach, according to ACCA’s feedback to the Financial Reporting Council's (FRC) consultation on proposed changes

Audit / Monitoring Group considers single board for ethics and assurance standards

A roundtable discussion held by The Monitoring Group of its proposed overhaul of the global audit standard setting process revealed broad support for a potential restructure

Audit / FRC to extend corporate governance code beyond FTSE 350

The Financial Reporting Council (FRC) is planning to overhaul the UK corporate governance code with a greater focus on stakeholders, integrity and corporate culture, as well as extending the rules to include large private companies outside the FTSE 350

Audit / Corporate Governance Code overhaul chance to strengthen internal audit role

Dr Ian Peters, chief executive of the Chartered Institute of Internal Auditors, explains why internal audit is being given a critical role in the Financial Reporting Council’s (FRC) review of the Corporate Governance Code

Audit / Monitoring Group consults on major overhaul of global audit standard setting process

The Monitoring Group is consulting on a major overhaul of the global audit standard setting process to enhance governance, accountability and oversight which could see a change to the role of IFAC and creation of a single audit and ethical standards setting body to replace the current split structure

Audit / Audit threshold rise for co-operatives under review

A rise in the audit exemption thresholds for co-operatives and community benefit societies, bringing them into line with companies at the £5.2m figure, is out for consultation

Audit / Practice Note 11 on audit of charities: what's changing?

The charities audit practice note (PN11) governs the audit of charities throughout the UK and Republic of Ireland and is currently out for consultation in a bid to improve the quality and effectiveness of the audit of charities following a daming report from MPs on the PACAC committee. Don Bawtree, partner at BDO, reviews the proposed changes to the audit rules

Audit / FRC lab calls for feedback on role of audit committees

The Financial Reporting Council (FRC) is looking for stakeholders and investors to take part in its first Audit and Assurance Lab pilot project exploring the role of audit committee reporting and its role in promoting audit quality, which is set to start this month

Audit / Independent review of FRC audit sanctions and penalties out for consultation

In a bid to improve the disciplinary oversight regime for auditors and accountants, the Financial Reporting Council (FRC) has given the green light for work to start on the independent review of the sanctions imposed under the audit watchdog's enforcement procedure 

Audit / IAASB to overhaul ISA 540 for audit of accounting estimates

The International Auditing and Assurance Standards Board (IAASB) is consulting on proposals to significantly overhaul ISA 540, the auditing standard which governs how auditors evaluate accounting estimates and related disclosures

Audit / FRC consults on revisions to Practice Note 15 on occupational pension schemes

The Financial Reporting Council (FRC) is consulting on proposed revisions to Practice Note 15 (Revised) – The Audit of Occupational Pension Schemes, to reflect the latest regulatory landscape and FRS 102, to replace Practice Note 22

Audit / Ireland confirms switch to FRC auditing framework

Ireland has adopted the Financial Reporting Council (FRC) auditing framework for the UK, following feedback on the Irish Auditing and Accounting Supervisory Authority’s (IAASA) consultation over which existing audit framework should be adopted by Ireland

Audit / FRC consults on revisions to ISA (UK) 250

The Financial Reporting Council (FRC) has launched a consultation on proposed revisions to ISA (UK) 250, Section A – Consideration of Laws and Regulations in an Audit of Financial Statements, and conforming amendments to other UK standards, which are intended to bring it into line with agreed international ethics standards

Audit / FRC confirms review of UK corporate governance code

A quarter of a century after it was first published, the Financial Reporting Council (FRC) has announced plans for a fundamental review of the UK corporate governance code, in response to its work on corporate culture and succession planning, and the government’s focus on overhauling corporate governance and business standards
Subscribe