Corporate governance

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

Audit / FRC ends part of Mitie investigation

The Financial Reporting Council (FRC) has closed one element of its probe into accounting issues at FTSE 250 outsourcer Mitie Group, having concluded there is insufficient evidence, but is continuing its separate investigation into Deloitte’s auditing of the company

Audit / AQI 2020: FRC’s audit rating of top firms

Accountancy Daily has consolidated FRC’s annual audit quality inspection cycle of the Big Four and mid tier firms, find the full details below

Audit / Health warning over NHS Wales finances

The Auditor General has sounded an alarm about NHS finances in Wales, after four of the seven health boards once again failed to meet their financial duty to break-even over a three-year period, according to a review of their 2019-20 accounts

Audit / AQI 2020: Mazars improves on previous year at time of growth

The FRC is calling on mid-tier firm for extra rigour as it takes on larger and more complex audits

Audit / AQI 2020: Grant Thornton branded ‘unacceptable’ despite increased scrutiny

FRC’s AQI report finds only 55% of audits at mid-tier firm require no more than limited improvements following dire 2019 report

Audit / AQI 2020: BDO in dock for revenue audit failings

FRC urges ‘robust action’ as audit quality takes a backwards step at mid-tier firm with only 63% of audits up to scratch

Audit / AQI 2020: Deloitte best performer of Big Four

Deloitte leads the Big Four as having the fewest audits judged to need improvements in the Financial Reporting Council’s (FRC’s) latest review, and is the only firm to have hit the regulator’s target of 90% of FTSE 350 audits meeting the required quality standard

Audit / AQI 2020: a third of PwC audits needed improvements

A third of the PwC audits reviewed by the Financial Reporting Council (FRC) in this year’s audit quality inspection (AQI) were judged to require improvement, with the level of challenge to management on cash flow forecasting highlighted as below expectations

Audit / AQI 2020: KPMG needs faster progress on audit inconsistency

The Financial Reporting Council’s (FRC’s) annual review has criticised KPMG for failing to achieve high audit quality consistently, and called for the firm to make improvements more quickly, including strengthening its culture of challenge

Audit / AQI 2020: EY ‘disappointed’ as results reveal lack of challenge

With a third of its audits failing to hit the top grade, EY has been pulled up by the accountancy watchdog for shortcomings over challenging management assessments of impairments and inadequate oversight of component audit teams
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