Corporate reporting

Audit / FRC announces audit monitoring priorities

The Financial Reporting Council (FRC) has indicated it plans to focus on the use of audit quality indicators (AQIs) and applying technology in audits during its inspections for 2019/20, as the regulator released details of its thematic reviews, priority sectors and audit areas of focus

Audit / Technology driving corporate reporting change, says EY

Smart technologies including artificial intelligence (AI), increased use of non-financial data and innovative approaches to recruitment are changing corporate reporting, enabling companies to offer greater transparency and so increase public trust in business, research by EY has found

Audit / Redrow builds audit future with KPMG

FTSE 250 housebuilder Redrow has appointed KMPG as its auditor for the financial year commencing 1 July 2019, ending a 20-year relationship with PwC

Audit / Grant Thornton against separating audit and non-audit practices of Big Four

In its response to the Competition and Markets Authority (CMA) review, Grant Thornton has called for a ban on firms receiving non-audit fees from Public Interest Entity (PIE) clients however does not believe that splitting Big Four audit and non-audit practices will be an effective remedy

Audit / BEIS committee begins inquiry into ‘broken’ audit market

The chair of the business, energy and industrial strategy (BEIS) committee has announced the launching of an inquiry into the future of audit, examining what steps need to be taken to restore public trust in the market

Audit / Deloitte calls for market cap and ban on non-audit services

In its response to the Competition and Markets Authority (CMA) review, Deloitte has called for an audit market share cap to address competition issues and a ban on firms selling non-audit services to audits clients

Audit / Mazars calls for joint audits for UK listed companies

In Mazars' response to the Competition and Markets Authority (CMA) statutory audit market study, it says that it is ‘fully supportive of changes which propose to create a genuinely competitive audit market that addresses stakeholders’ needs’ and pushes for joint audits

Audit / US regulator sanctions three Deloitte Mexico partners

The Public Company Accounting Oversight Board (PCAOB) has barred, fined, and censured three Deloitte Mexico partners for deficient work in auditing the Mexican subsidiary of a US public company

Audit / Audit updates: November 2018

In our monthly roundup of developments in audit and governance, Big Four auditors face CMA investigation, KPMG and partner admit misconduct over BNY Mellon, Grant Thornton calls for independent body to control FTSE audits

Audit / FTSE 100 audit market nears £900m in annual fee income

Despite attempts by regulators to reform the audit market, including the ongoing Competition and Markets Authority (CMA) market review, the Big Four audit firms continue to dominate the £899m listed audit market, according to Accountancy’s exclusive FTSE 100 Auditors Survey

Audit / FTSE 100 Auditors Survey 2018

Amid unprecedented political scrutiny and a second competition probe, the Big Four audit firms continue to hold a vice-like grip over the FTSE 100 audit market, now worth nearly £900m. Philip Smith provides a detailed breakdown of total audit and non-audit fees by FTSE 100 company, plus tenure lengths and year ends from our exclusive Accountancy auditors survey

Audit / FRC launches project on future of reporting

The Financial Reporting Council (FRC) has begun a major project which aims to challenge existing thinking about corporate reporting and consider how companies should better meet the information needs of shareholders and other stakeholders, as well as alternative ways of delivering that information

Audit / FRC demands end to ‘basic errors’ in corporate reporting

The Financial Reporting Council (FRC) is warning listed companies that they need to do more to eliminate ‘basic errors’ in corporate reporting, saying its monitoring has shown a need for improvements in key areas

Audit / Audit Quality Forum to review ‘expectation gap’ in audit

The Audit Quality Forum (AQF) is the latest body to launch a probe into audit practice, announcing an independent review to tackle issues of audit quality and business confidence by looking at how audit can better serve the needs of business and wider society

Audit / SEC wants better internal audit controls against cyber threats

The Securities and Exchange Commission (SEC) is urging companies to consider cyber threats more closely when implementing internal accounting controls, following a report on nine organisations that fell victim to cyber frauds with combined losses of some $100m (£76m)
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