The majority of senior finance professionals in UK-listed businesses want proposed UK audit reforms and the introduction of a UK version of the Sarbanes-Oxley Act (SOX) to be delayed by two years
The US Securities and Exchange Commission (SEC) has removed William D Duhnke from the Public Company Accounting Oversight Board (PCAOB) after criticism of low level of audit investigation activity
In this month’s legal updates, Sophie Brookes, partner at Gateley, examines the ruling in Virgin Active Holdings dispute over restructuring plans, buyer's notice of warranty claim in MDW Holdings and post-Brexit changes to UK market abuse regime in Financial Services Act 2021
The Institute for Public Policy Research (IPPR) is calling for a complete culture change to the UK audit industry and the creation of much tougher regulator to oversee the profession
As the audit profession waits for the final details of the government’s proposed audit reforms, the Financial Reporting Council (FRC) has issued a revision of its UK auditing standard ISA (UK) 240 on the responsibilities of auditors relating to possible fraud
The value of fines issued by the Financial Reporting Council (FRC) to auditors for poor quality audit rose 180% to just under £25m in the last year, up from £8.9m in the previous 12 months
Kate Beeston ACA explains how to achieve reliance on substantive analytical procedures and highlights pitfalls and potential deficiencies in internal controls
As the government consults on a raft of audit reform, Paul Brehony, partner and Kate Gee, senior associate at Signature Litigation consider whether this will result in an anticipated uptick in post-pandemic litigation against auditors
Wyelands Bank, owned by industrialist Sanjeev Gupta, announced last week that is to be sold or wound-up after its accounts revealed that repayments on 80% of its loan book were overdue
Mid-tier audit firm UHY Hacker Young has received a series of sanctions including a severe reprimand over failures relating to the statutory audit of Inch Kenneth Kajang Rubber plc (IKKR) for the financial year ended 31 December 2016
Plans to overhaul the definition of public interest entities under new audit reform proposals will introduce new enforcement powers which will net directors. Harvey Knight, partner in Withers' financial services regulatory team, examines the plans
The Institute of Chartered Accountants of Scotland (ICAS) is calling for a three-step approach to overhauling the audit profession following proposals set out in the government’s audit reform consultation
The Financial Reporting Council (FRC) has imposed sanctions against Haysmacintyre LLP and David Cox, audit engagement partner, in relation to the statutory audit of the financial statements of Associated British Engineering plc for the financial year ended 31 March 2018
