Big Four audit giant KPMG and a current partner have been severely sanctioned by the Financial Reporting Council (FRC) over significant audit failures which occurred in the conduct of a major company audit in 2016
EY has resigned as auditor of troubled payments firm Finablr, parent of foreign exchange provider Travelex, citing concerns over the FTSE 250 company’s governance and demanding board changes, including the removal of a former EY partner as a non executive director
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 importance of going concern cannot be underestimated when auditors review the financial viability of a business and complete the annual audit. David Duvall, senior technical writer at Croner-i, examines the key issues in the revised going concern audit standard
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
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
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 Financial Reporting Council (FRC) has hit a legal stumbling block in its efforts to require Sports Direct to provide legally privileged documents as part of its probe into Grant Thornton’s auditing of the retailer’s 2016 accounts
The Financial Reporting Council (FRC) and Department for Business, Energy and Industrial Strategy (BEIS) have published guidance for accountants and auditors confirming that there will be no substantive changes during the transition period post Brexit
The government has confirmed that it will replace the Financial Reporting Council (FRC) with a powerful new audit regulator as soon as parliamentary time is available
