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