Consultations

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

Audit / ICAEW to update assurance on internal controls of service organisations

ICAEW is consulting on proposed updates to guidance on assurance reports on internal controls of service organisations for third parties, set out in technical release 01/06 AAF

Audit / FRC consults on limited revisions to CASS standard

The Financial Reporting Council (FRC) has launched a consultation proposing limited revisions to the Client Assets Assurance Standard (CASS), which provides requirements and guidance for auditors who are have to report to the Financial Conduct Authority on an entity’s compliance with the CASS Rules

Audit / IESBA plans to clarify professional scepticism for accountants

The International Ethics Standards Board for Accountants (IESBA) is consulting on proposals to tighten up the International Code of Ethics for Professional Accountants in a bid to clarify the level of professional scepticism expected from accountants handling audits
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