Corporate reporting

Audit / Green corporate governance vital to 2030 environment goals

Accounting bodies have called for listed companies to improve reporting on the UN’s Sustainable Development Goals (SDG) in an attempt to meet 2030 environmental goals

Audit / Investors want more insight into relationship between board and employees

Companies need to improve their reporting on workforce-related issues by providing clearer and more consistent information about how staff interface with wider the business strategy, says UK standard setter

Audit / Will the audit regulator toughen up?

Intense pressure on the audit regulator, the FRC, has resulted in a spate of multimillion pound fines for audit firms over audit misconduct, but there are warning signs that the latest Corporate Governance Code will raise the bar before the ARGA comes into effect, argues Mark Wearden FCCA

Audit / Insurance giant AIG hires Mazars for UK audit

Mid-tier audit firm Mazars has been lined up to take over the audit of AIG UK, the subsidiary of the listed US insurance giant AIG, breaking a 40-year PwC audit relationship

Audit / FRC revises audit standards to meet latest ISA (UK) 540

The Financial Reporting Council (FRC) has updated eight audit standards to reflect ISA (UK) 540 (Revised) – Auditing Accounting Estimates and Related Disclosures, focusing on auditor liability, fraud, going concern, joint audit and management challenge

Audit / Croner-i launches Navigate Audit service

Croner-i has launched its brand new Navigate Audit service designed to simplify and support audit compliance with an improved PCAS suite with an easily tailored macro-free Excel tool linked to clear, comprehensive guidance

Audit / Carillion audit probe unlikely before summer due to complexity

The Financial Reporting Council (FRC) has confirmed that the publication of the findings of its probe into the audit of failed outsourcer Carillion have been delayed until summer 2020 due to the ‘scale and complexity’ of the investigation

Audit / Revised ISA 315 to strengthen audit of material misstatement

The International Auditing and Assurance Standards Board (IAASB) has released the revised ISA 315 to tighten up the audit requirements for material misstatements in the event or fraud or error

Audit / FRC bans majority of non-audit services in overhauled ethical standard

The Financial Reporting Council (FRC) has issued a major revision of the ethical standard for auditors banning them from providing most non-audit services to listed company clients to reduce conflicts of interest

Audit / Professional scepticism in audit: part 1

Auditors must apply professional scepticism, but regulators frequently criticise them for failing to provide necessary evidence. In the first of a two-part series, Michelle Roberts ACA, Croner-i, hones in on the priorities for the profession

Accounting / M&C Saatchi hikes accounting misstatement to £11.6m

M&C Saatchi is to make £11.6m of adjustments to its 2018 and 2019 financial results, and has appointed PwC to take over from KPMG as the advertising agency’s external auditor

Audit / Internal audit: compliance and risk management

Internal audit can exist in many shapes and sizes, but one crucial point is that this function should not operate in isolation. Armoghan Khan ACA, head of internal audit at Aetna International, looks at how to maximise the interaction of internal audit and wider business needs

Audit / FRC issues revised Client Asset Assurance Standard (CASS)

The Financial Reporting Council (FRC) has issued a revised standard for the audit of client assets, outlining rules for conforming with FCA rules and stressing the importance of independent judgment and scepticism

Audit / PwC snaps up £1.5m ITV audit contract

FTSE 100 broadcaster and media giant ITV has appointed PwC as auditor from 2021 replacing Big Four rival KPMG

Audit / Grant Thornton takes on £1.8m Staffline audit

AIM-listed recruitment group Staffline has hired Grant Thornton after PwC resigned the audit account in the summer over concerns about potential covenant breaches