Plans for a radical overhaul of the audit market are progressing as the government launches an eight-week consultation to gauge views on CMA market reforms, including possible introduction of joint audits, operational split at Big Four to hive off audit, and more powers for the new audit  regulator

The Financial Reporting Council (FRC) is to introduce more stringent ethical rules for auditors in response to findings from recent audit enforcement cases and audit inspections

Sports Direct has delayed the publication of its annual results, citing the ‘complexities’ relating to its purchase of House of Fraser last August and a request from auditor Grant Thornton for more time

The Chartered Institute of Internal Auditors (IIA) has begun a consultation on an internal audit code of practice in the wake of high-profile corporate failures

Simon Dingemans, former chief financial officer at GlaxoSmithKline (GSK), is set to replace Sir Win Bischoff as chair of the Financial Reporting Council (FRC) to lead the audit regulator's overhaul and transition into the Audit, Reporting and Governance Authority (ARGA)

The Financial Reporting Council (FRC) has labelled Grant Thornton’s audit quality as ‘unacceptable’, citing its failure to improve as a ‘deep concern’ after finding a quarter (26%) of all audits assessed over the past five years have required significant improvements, reports Pat Sweet

Deloitte has shown ‘modest’ improvements in audit quality in this year’s audit quality inspection (AQI) reviews, but has performed better than other Big Four firms

EY has demonstrated improvements in audit quality in the latest round of audit quality inspection (AQI) reports and is the Big Four firm which came closest to meeting the Financial Reporting Council (FRC) target of 90% of FTSE 350 audits requiring no more than limited improvements

Revenue recognition and a failure to challenge management assumptions were flagged as ongoing issues with audit at mid-tier firm BDO, found this year’s FRC audit quality inspections (AQI) reviews

KPMG has started to turn around its audit business with an improvement in the quality of audits reviewed in the 2018/19 audit quality inspection (AQI) reports, although inspectors criticised a lack of management challenge and quality control, reports Sara White

The Financial Reporting Council (FRC) has highlighted a ‘notable’ decline in audit quality at PwC in its annual quality inspection (AQI) particularly in relation to the firm’s FTSE 350 audits, where the number judged to be good has fallen to 65%, well below the regulator’s 90% target

Mid-tier firm Mazars, which was recently hired as auditor of Goldman Sachs’ European arm, has seen a decline in audit quality over the past year with AQI inspectors criticising the firm for not fully addressing earlier issues

The Financial Reporting Council has made a scathing attack on the quality of UK audit in the latest 2019 Audit Quality Inspections reports, with one in four audits inspected requiring significant improvement. Sara White reports

Deloitte has been fined £6.5m by the Financial Reporting Council (FRC) over its auditing of Serco Geografix Ltd, the company which has recently settled fraud and false accounting charges under a deferred prosecution agreement (DPA) with the Serious Fraud Office (SFO)

The Financial Reporting Council (FRC) has issued a revision of Practice Note 19: The audit of banks and building societies, to reflect changes to auditing standards, and a significant rewrite to reflect the latest ISA 540 on disclosures