Corporate governance

Audit | Official Receiver files £230m claim against KPMG auditors

The Official Receiver is reported to have launched a £230m legal claim against KPMG, the auditor of collapsed construction firm Carillion

22 Nov 2021

Audit | Auditors fail to challenge management when performing audits

Auditors need to improve their levels of professional scepticism and challenge of management to meet standards for audit set out by the Financial Reporting Council (FRC)

18 Nov 2021

Audit | Aviva to swap £15.5m audit to EY

FTSE 100 insurer Aviva plc plans to appoint EY as its auditor for the financial year ending 31 December 2024, subject to shareholder approval at the 2024 annual general meeting

18 Nov 2021

Audit | Auditors must improve quality of audit work, says FRC

Audit firms need to ensure they are delivering high quality audit including critical assessment, management challenge and strong leadership, says the audit regulator

16 Nov 2021

Audit | Internal auditors urge government to hold directors accountable

Directors should be held responsible for audit failures in plans for audit reform, says the Chartered Institute of Internal Auditors in a letter to the business minister

15 Nov 2021

Audit | Using tests of details to obtain audit evidence

Michelle Roberts ACA, audit writer at Croner-i, explains what tests of details are and how to use them to obtain audit evidence and identify material misstatements taking into account ISA (UK) 330

10 Nov 2021

Audit | How important are company audits for businesses in the early stages?

Performing a statutory audit provides clarity for stakeholders and transparency for banking relationships so even smaller businesses should consider regular audits, explains Andrew Millet, director at Wisteria Accountants

8 Nov 2021

Audit | HMRC collected £27.9bn less tax

The government saw a 4.4% decline in tax revenues over the latest financial year as a result of the pandemic, according to HMRC’s annual accounts

5 Nov 2021

Audit | Grant Thornton fined £718k over Interserve audit failures

The Financial Reporting Council (FRC) has fined mid-tier firm Grant Thornton £1.3m over audit failures over the audits of the financial statements of Interserve plc for three years of audits

1 Nov 2021

Audit | Third of public sector audits inspected need improvements

A third of audits of local bodies, including health trusts and local government authorities, require improvements after the latest regulator inspection reports

29 Oct 2021

Audit | BDO hired as auditor for Sanderson Design Group

AIM listed luxury interior design and furnishings group Sanderson Design Group has hired BDO as auditor replacing Big Four firm PwC

27 Oct 2021

Audit | KPMG accused of ‘untruthful’ defence over Silentnight

The Financial Reporting Council (FRC) has accused KPMG and ex partner David Costley-Wood of being ‘untruthful’ in its defence of the Silentnight audit investigation

13 Oct 2021

Audit | Director accountability likely to feature in audit reforms

The government is currently reviewing responses to the consultation on audit reform and is likely to tighten up rules on director accountability

13 Oct 2021