Corporate governance

Audit / Covid-19: FTSE audit tenders face delays, partner engagements extended

The length of time an audit partner can remain in position without rotating off the client company can be extended on a temporary basis due to the ongoing covid-19 crisis, the Financial Reporting Council (FRC) has confirmed, while it is calling for a halt on company audit tender processes, reports Philip Smith 

Audit / Covid-19: regulators issue joint guidance on financial reporting and audit requirements

The Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) have announced a series of changes to the timing and content of financial information and the audit work required, in response to the current crisis, reports Pat Sweet

Audit / Covid-19: FRC considers delay to audit quality inspections

The Financial Reporting Council (FRC) is closely monitoring the impact of covid-19 on audit quality inspections (AQI) as the US regulator suspends review work for 45 days, reports Philip Smith

Audit / Thomas Cook collapse depletes travellers’ compensation fund

The collapse of Thomas Cook cost the government at least £156m, and has severely compromised the ability of the travel industry’s own compensation fund to cope with another operator’s failure, the National Audit Office (NAO) warns

Audit / Covid-19: FRC advice for auditors and financial reporting

The Financial Reporting Council (FRC) has updated its guidance for auditors, advising that reporting schedules may need to be delayed to ensure audits continue to comply with required standards

Accounting / NMC finds ‘suspected fraudulent behaviour’

FTSE 100 healthcare provider NMC Health has warned it has uncovered ‘suspected fraudulent behaviour’ in relation to some of its previous financial activities and has notified regulators in the UK and UAE

Accounting / Lookers postpones results over ‘potential fraud’

National car dealership Lookers has postponed the publication of its 2019 results after identifying potentially fraudulent transactions in one of its operating divisions

Audit / Coronavirus: what internal auditors need to know

At times of crisis internal auditors play a vital role advising on reputational risk and crisis management, explains Richard Chambers, president and CEO, Chartered Institute of Internal Auditors

Audit / BDO replaces KPMG as Oxford Instruments auditor

FTSE 250 listed Oxford Instruments plc is planning to switch auditors, appointing its first mid-tier auditor BDO to replace incumbent KPMG after more than three decades

Audit / FRC outlines plans for radical Big Four separation

Plans to break up the Big Four audit firms are at the early stages but the regulator is aiming for an operational split of audit practices by 2022. Sara White interviews FRC head of audit firm supervision Claire Lindridge

Audit / Big Four audit firms will be split up

The audit regulator is pressing ahead with plans to split the Big Four audit firms despite no confirmation from government about the legal position

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 / Consultation opens on EU market regulator reforms

The European Commission is consulting on possible reforms to the regulatory framework for investment firms and market operators which would include a single price comparison tool

Audit / Government committed to setting up ARGA audit regulator

The government has signalled its intention to set up a new audit regulator to replace the Financial Reporting Council FRC, despite the cabinet reshuffle which saw the business secretary replaced

Accounting / FRC to scrutinise climate change reporting

The Financial Reporting Council (FRC) is to conduct a major review of how companies and auditors assess and report on the impact of climate change
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