Corporate reporting

Audit / Global securities regulator consults on audit committee good practice

The board of the International Organization of Securities Commissions (IOSCO), the global standard setter for securities regulation, is seeking feedback on its proposed good practices to assist audit committees in supporting audit quality

Audit / KPMG South Africa banned from public sector audits

KPMG South Africa faces further crisis after the auditor general of South Africa (AGSA) announced it is to terminate, with immediate effect, all the firm’s public sector auditing contracts over concerns about potential reputational damage

Audit / Government questions independence of audit regulator

The government has launched an independent root and branch review of the Financial Reporting Council (FRC), with the aim of putting the regulator and the UK at the forefront of corporate governance internationally

Audit / KPMG South Africa to review audit files

KPMG South Africa has announced that two partners, Sipho Malaba and Dumi Tshuma, have resigned with immediate effect after disciplinary charges were brought against them, relating to failure to disclose relevant financial interests when working with a client, and says it will begin a major review of audit files

Audit / Hildyard: corporate governance needs to be strengthened

Prior to the global financial crisis, the issue of corporate governance was an unromantic fringe topic of little interest to all but the nerdiest technocrats in the already quite nerdish and technocratic area of economic policymaking and regulation. Now it is centre stage, says Luke Hildyard, policy lead on corporate governance at the Pensions and Lifetime Savings Association

Audit / FRC plans to increase fees for third country auditors

The FRC is consulting on plans to increase registration and annual renewal fees for auditors of companies based outside of the EU, with full registration rising to £5,680 for auditors with more than three clients

Audit / PRA reviews external audit of public disclosure rules

The Prudential Regulation Authority (PRA) is consulting on a revision to the rules for the external audit of public disclosure requirements under Solvency II, which would see certain smaller insurers excluded from the requirement

Audit / Haddrill: audit quality and corporate governance must improve

Continuous improvement in audit quality and corporate governance is essential if the UK is to attract investment post Brexit and shake off the legacy of questionable auditor behaviour, says Stephen Haddrill, chief executive of the Financial Reporting Council (FRC)

Audit / FRC plans to sharpen up monitoring of top six audit firms

The Financial Reporting Council (FRC) is to tighten its monitoring of the six largest audit firms, which will include analysis of the skills and attributes of candidates for key roles such as independent non-executives, heads of audit and ethics partners

Audit / FRC threatens £10m fines for poor audit work

The Financial Reporting Council (FRC) will implement the recommendations of the independent review of sanctions undertaken last year, which include introducing a fine of £10m or more for seriously poor work by a Big Four firm and greater use of non-financial penalties, as well as the possibility of ten-year bans for individuals

Audit / Audit updates: April 2018

In our monthly roundup of developments in audit and governance, KPMG defends its audit at Carillion hearing, PwC collects £2.8m Johnson Matthey audit from KPMG, AIM companies to follow a corporate governance code

Accounting / Companies Act 2006 Part 19: auditor’s report

This article, the nineteenth in our series on the Companies Act 2006, will focus on the auditor’s report, including what information it must include, the rights of the auditor and what is considered an offence

Audit / Woolf: time to make LLP partners accountable

Tackling the source of the ethical vacuum at Big Four audit firms is the only way forward and the current limited liability partnership construct does little to support accountability, says Emile Woolf FCA

Audit / Audit materiality, judgments and adjusted errors

Katherine Bagshaw FCA examines the Financial Reporting Council's (FRC) latest audit quality thematic review of materiality and talks to key stakeholders about their views on judgment issues from adjusted errors to performance materiality and profit adjustments, and the UK regulatory requirement to assess materiality

Audit / FRC renews call for competition inquiry into Big Four

The Financial Reporting Council (FRC) is continuing to push for an inquiry by the Competition and Markets Authority (CMA) into the Big Four, arguing it consider the case for ‘audit only’ firms in a bid to encourage more competition and reduce conflicts of interest