Corporate governance

Law and regulation

Audit | Director accountability likely to feature in audit reforms

The government is currently reviewing responses to the consultation on audit reform and is likely to tighten up rules on director accountability

13 Oct 2021

Corporate reporting

Accounting | UK version of Sarbanes-Oxley should be introduced

The government is likely to finalise plans for its wide-ranging audit reforms by the end of year with indications they will tighten up the rules on internal control and director accountability

11 Oct 2021

Audit | Tesco settles accounting scandal with £93m payout

According to its annual report, in July 2020 Tesco handed out a £93m settlement payment to two shareholder litigation claims in connection with the 2014 accounting scandal

7 Oct 2021

Audit | Grant Thornton fined £2.3m over Patisserie Valerie audit

The Financial Reporting Council (FRC) has imposed substantial sanctions against Grant Thornton UK LLP and David Newstead, audit engagement partner, over the audit of Patisserie Holdings plc for the financial years ended 30 September 2015, 2016 and 2017

27 Sep 2021

Audit | Cyber attacks and financial liquidity biggest risk for auditors

The threat of cyber attacks, data security and financial stability are top priorities for internal auditors, with climate change well down the list of key risks and concerns

21 Sep 2021

Audit | FRC advisory focuses on insurance audits

The Financial Reporting Council (FRC) has contacted actuarial advisers to inform them of the importance of working with auditors of insurance companies to ensure financial data is accurate

13 Sep 2021

Audit | Audit reform and SMEs: an uphill struggle

Paul Winrow, partner at MHA, says although many of the UK government’s audit and corporate governance reform proposals are appropriate there is a danger the government is neglecting SMEs by focusing too much on the public interest entity (PIE) market

7 Sep 2021

Audit | EY fined £3.5m over Stagecoach audit failures

Big Four audit firm EY and audit engagement partner Mark Harvey have been handed a fine of £3.5m from the Financial Reporting Council (FRC) for audit failures relating to the Stagecoach audit in 2016-17

25 Aug 2021

Accounting | Ethical decisions critical for accountants, stresses IFAC

A group of accountancy bodies has issued a paper examining ethical issues for accountants and how to improve the decision making process

20 Aug 2021

Audit | Pressure builds to find chair for Financial Reporting Council

With the imminent departure of interim chair Keith Skeoch, the head of the Financial Reporting Council (FRC) in October, the government is still advertising for a replacement for the top job at the audit regulator

19 Aug 2021

Leadership & management

Audit | Tyman swaps Big Four auditor with Deloitte hire

FTSE 250 window and door specialist Tyman has swapped auditor following a competitive tender process which sees PwC lose contract after 10 years

13 Aug 2021

Audit | EY hired as auditor at FTSE 250 CLS Holdings

FTSE 250 listed CLS Holdings plc has confirmed plans to change auditors with the appointment of EY as the group’s external auditor

11 Aug 2021

Audit | Auditor EY fined $10m by US regulator

The US Securities and Exchange Commission (SEC) has charged accounting firm EY, one of its partners, and two of its former partners with improper professional conduct for violating auditor independence rules

10 Aug 2021

Audit | Watkin Jones hires Deloitte as auditor after record EY tenure

AIM listed Watkin Jones plc has changed Big Four auditor after more than two decades of using EY as it appoints Deloitte

10 Aug 2021