Corporate governance

Audit / Almost two-thirds of FTSE 350 compliant with new corporate governance code

UK companies are largely meeting new corporate reporting requirements arising from the Financial Reporting Council’s changes in 2018, but need to demonstrate the link between intention and action more explicitly, research by EY has found

Audit / FRC seeks KPMG response to Carillion probe

The Financial Reporting Council (FRC) has completed its initial report in connection with its extensive investigation into KPMG’s audit of the financial statements of Carillion, the outsourcing company which collapsed in January 2018

Audit / Call for Treasury to ensure cash access

The National Audit Office (NAO) is calling on the Treasury to launch a coordinated effort to safeguard access to cash, as Covid-19 has accelerated the move to online transactions, and there is a risk that vulnerable people who rely on paying money will be excluded

Audit / IAASB to examine going concern ‘expectation gap’

The International Auditing and Assurance Standards Board (IAASB) has opened a consultation on fraud and going concern in audits, in response to concerns raised by high-profile corporate failures in recent years

Audit / Audit firms report split progress

As Deloitte reveals plans to implement FRC audit firm split, Accountancy Daily reviews progress ahead of October deadline

Audit / Half of internal audit functions affected by coronavirus redeployment

Chartered IIA study raises concerns for corporate governance during coronavirus crisis, and reveals the extent of disruption to internal audit teams, as 46% of internal audit teams have been affected by redeployment during coronavirus lockdown

Audit / Deloitte first to confirm audit split

Deloitte is to set up an independent audit governance structure, becoming the first of the Big Four to respond to demands from the Financial Reporting Council (FRC) for an operational separation of audit from the rest of the firm’s business

Audit / Call for new public sector audit body

An independent inquiry into public sector auditing has recommended a shake-up of the sector, with a new regulatory body to oversee local authority audit and the introduction of a standardised statement of services and costs

Audit / Internal audit leader makes case for regulator with real power

As the BEIS select committee’s audit reform review draws to a close, John Wood, chief executive of the Chartered Institute of Internal Auditors, argues that now is the time for the government to deliver on its promise of a powerful regulator

Audit / PwC declines audit role at Russian gold miner

PwC has announced it is not able to accept its proposed appointment as auditor to FTSE 250 company Petropavlovsk, citing governance concerns at the troubled Russian gold mining company

Audit / FRC fines BDO £200,000 over insurance audit failings

BDO has been fined £200,000 and sanctioned by the Financial Reporting Council (FRC) for lapses in its auditing of insurer AmTrust Europe Ltd (AEL), which included failing to report its evaluation of independent experts’ assessments

Audit / FRC appoints two executive directors

The Financial Reporting Council (FRC) has made two appointments to its executive team, as the regulator continues its transition to a new body, the Audit, Reporting and Governance Authority, with a wider remit and new statutory powers

Audit / Companies need to enhance Covid-19 reporting

Companies need to do more to explain the impact of Covid-19 on their performance, according to the first Financial Reporting Council (FRC) thematic review of company reporting since the onset of the pandemic

/ FRC reports ‘significant progress’ on transformation

The Financial Reporting Council (FRC) has had a year of ‘significant progress’ in implementing its transformation into a new regulatory body, but has been hampered by the lack of legislation and recruitment challenges, according to its latest annual report and accounts

Audit / FTSE 250: firms in fees bonanza amid regulatory scrutiny

The long-expected hike in audit fees has finally come to pass, with FTSE 250 companies now paying on average 14% more this year to their auditors than last year, while challenger firms are beginning to make inroads, reports Philip Smith
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