ICAEW has published a manifesto setting out its vision for the future of audit, saying the success of any changes to firm structure and regulation depends on a clearer understanding of the role and purpose of audit
The Financial Reporting Council (FRC) says research carried out with audit committee chairs (ACCs) indicates a need to develop standards for audit committees in order to ensure a more consistent approach to promoting audit quality
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
Failure to maintain adequate stockpiles of personal protective equipment (PPE) cost the government £10bn as prices soared during the pandemic, while moves to boost supply failed to get equipment to frontline workers quickly enough, the National Audit Office (NAO) has found
Big Four’s fees for non-audit work at audit clients declined by a fifth last year, but much more needs to be done to increase public confidence, says Chris Biggs of Theta Global Advisors
Audit firms have heeded Financial Reporting Council (FRC) advice to implement additional measures to enhance their evaluation of companies’ going concern assessments during the pandemic, a review by the regulator has found
The National Audit Office (NAO) has hit out at a lack of transparency and adequate documentation in the way the government handled £18bn of procurement of goods and services to cope with the outbreak of Covid-19
The Financial Reporting Council (FRC) is urging auditors to redouble their efforts to remedy inconsistent audit quality, saying this has become even more important in the face of the unprecedented economic turbulence brought by Covid-19
Croydon Council has become the first London borough in twenty years to issue a section 114 notice banning all new non-essential spending as the authority admitted it can no longer balance its budget this year
The UK’s top 100 listed companies have seen an 8% hike in annual audits fees to hit £726m, as Big Four dominance locks out challenger firms while investment and regulatory pressure drives up costs
As the impact of intense regulatory scrutiny and audit automation escalates, the UK’s top 100 listed companies saw an 8% hike in annual audit fees to hit £726m, amid an increasing lack of competition due to Big Four dominance, Philip Smith reports
Deloitte and one of the firm’s former engagement partners have been reprimanded by the Financial Reporting Council (FRC) over auditing failures at an unnamed client, with the Big Four firm given a £500,000 penalty
The government has announced a rapid non-statutory review into Nottingham City Council, to examine serious governance and risk management issues associated with the council’s private energy company Robin Hood Energy (RHE)
The Financial Reporting Council (FRC) has branded the quality of major local audits as ‘unacceptable’ and says urgent action is required from firms specialising in the sector, including Grant Thornton and Mazars
