Calls for a rule shake up for auditors after a major review by the Institute for Public Policy Research (IPPR) found multiple problematic practices that severely ‘undermine’ the sector
The Financial Reporting Council (FRC) has set out its preliminary interpretation of the sanctions regime under the government’s proposed audit reforms and plans to hire new staff to strengthen its director oversight programme
Michelle Roberts ACA, audit writer at Croner-i and Ian Connon MA FCA, BDO LLP, examine two of the biggest changes to audit reports for 2020 year ends resulting from the latest revisions to ISA (UK) 700 Forming an Opinion and Reporting on Financial Statements and ISA (UK) 570 Going Concern
The Financial Reporting Council (FRC) has commenced an investigation into the audits by Deloitte LLP of the financial statements of national car dealership Lookers plc for the years ended 31 December 2017 and 2018
The Financial Reporting Council (FRC) has agreed a Memorandum of Understanding on Reciprocal Arrangements (MOURA) with IAASA, the Republic of Ireland (ROI) competent authority, minimising disruption to cross-border audits
The Pensions Regulator (TPR) has banned a corporate trustee and one of its directors from acting as pension scheme trustees after multiple governance failures which it said highlighted a lack of competence, capability and integrity
Grant Thornton is facing a £200m lawsuit brought by the administrators of collapsed café chain Patisserie Valerie, seeking damages in respect of the firm’s audits for the financial periods September 2014 to September 2017
The Financial Reporting Council (FRC) is consulting on plans to revise the standards for an audit firm’s responsibilities to design, implement and operate a system of quality management, in response to changes made by the International Auditing and Assurance Standards Board (IAASB)
The government is to offer councils an additional £15m in response to findings of the independent review into the effectiveness of local audit carried out by Sir Tony Redmond earlier this year, to fund a suite of improvements in transparency and accountability
In a round-up of the biggest audit stories of the year, we look at all the non-coronavirus news, including audit wins and losses, plans to break up Big Four audit firms, fines, reprimands, standard revisions, audit quality inspections and an exclusive interview with FRC boss Sir Jon Thompson
The Financial Reporting Council has undertaken new analysis of its audit quality inspection results after discovering 80% of audits required improvement, effective challenging was a key component
The government has announced a further extension to changes to insolvency measures and the regulations for company AGMs, designed to relieve the pressure on businesses dealing with coronavirus
As auditors wait for a government response to Sir Donald Brydon’s audit review, Johnston Carmichael’s audit head Graham Marjoribanks argues action already taken by firms and regulators will see audit add value and a more robust approach to client relationships
The Financial Reporting Council (FRC) says research carried out with audit committee chairs (ACCs) indicates a need to develop standards for audit committees in order to ensure a more consistent approach to promoting audit quality
