Corporate governance

Audit / FRC announces audit monitoring priorities

The Financial Reporting Council (FRC) has indicated it plans to focus on the use of audit quality indicators (AQIs) and applying technology in audits during its inspections for 2019/20, as the regulator released details of its thematic reviews, priority sectors and audit areas of focus

Audit / Redrow builds audit future with KPMG

FTSE 250 housebuilder Redrow has appointed KMPG as its auditor for the financial year commencing 1 July 2019, ending a 20-year relationship with PwC

Audit / Grant Thornton against separating audit and non-audit practices of Big Four

In its response to the Competition and Markets Authority (CMA) review, Grant Thornton has called for a ban on firms receiving non-audit fees from Public Interest Entity (PIE) clients however does not believe that splitting Big Four audit and non-audit practices will be an effective remedy

Audit / Field queries Insolvency Service refusal to reopen BHS probe

The chair of the work and pensions committee, Frank Field MP, is to meet later this month with Sarah Albon, chief executive of the Insolvency Service, to obtain further details regarding its refusal to reopen an investigation into the audit of BHS

Audit / BEIS committee begins inquiry into ‘broken’ audit market

The chair of the business, energy and industrial strategy (BEIS) committee has announced the launching of an inquiry into the future of audit, examining what steps need to be taken to restore public trust in the market

Audit / Deloitte calls for market cap and ban on non-audit services

In its response to the Competition and Markets Authority (CMA) review, Deloitte has called for an audit market share cap to address competition issues and a ban on firms selling non-audit services to audits clients

Accounting / PwC called in for forensic review of Yü Group accounts

Yü Group plc has called in PwC to conduct a forensic review following accounting irregularities at the AIM-listed supplier of gas and electricity to UK businesses 

Audit / Air Partner drops Deloitte for PwC auditors

Private jet operator Air Partner plc has ended a seven-year audit agreement with Deloitte as its external auditor and hired PwC after the FTSE 250 listed company reviewed its audit business

Audit / Landmark privilege rulings affect auditors and clients

What the Court of Appeal gives, the High Court takes away: two major decisions on legal professional privilege in the cases of ENRC v SFO and Financial Reporting Council v Sports Direct International plc have important ramifications for auditors and audit clients. Ross Dixon and Chris du Boulay at Hickman and Rose examine the decisions

Audit / Mazars calls for joint audits for UK listed companies

In Mazars' response to the Competition and Markets Authority (CMA) statutory audit market study, it says that it is ‘fully supportive of changes which propose to create a genuinely competitive audit market that addresses stakeholders’ needs’ and pushes for joint audits

Audit / US regulator sanctions three Deloitte Mexico partners

The Public Company Accounting Oversight Board (PCAOB) has barred, fined, and censured three Deloitte Mexico partners for deficient work in auditing the Mexican subsidiary of a US public company

Audit / Audit updates: November 2018

In our monthly roundup of developments in audit and governance, Big Four auditors face CMA investigation, KPMG and partner admit misconduct over BNY Mellon, Grant Thornton calls for independent body to control FTSE audits

Audit / FTSE 100 Auditors Survey 2018

Amid unprecedented political scrutiny and a second competition probe, the Big Four audit firms continue to hold a vice-like grip over the FTSE 100 audit market, now worth nearly £900m. Philip Smith provides a detailed breakdown of total audit and non-audit fees by FTSE 100 company, plus tenure lengths and year ends from our exclusive Accountancy auditors survey

Audit / FRC demands end to ‘basic errors’ in corporate reporting

The Financial Reporting Council (FRC) is warning listed companies that they need to do more to eliminate ‘basic errors’ in corporate reporting, saying its monitoring has shown a need for improvements in key areas

Audit / Audit Quality Forum to review ‘expectation gap’ in audit

The Audit Quality Forum (AQF) is the latest body to launch a probe into audit practice, announcing an independent review to tackle issues of audit quality and business confidence by looking at how audit can better serve the needs of business and wider society