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

The Financial Reporting Council (FRC) has given leading audit firms a record £43m in fines for sub-standard audits marking a threefold increase in one year, while individual partners have been hammered with £1.6m in personal fines 

The National Audit Office (NAO) has set out the framework for a revised Code of Audit Practice for public sector auditors with a sharper focus on value for money and clearer reporting, while retaining the current principles-based approach

Grant Thornton has refused to comment on claims that it is planning to resign as auditor of Sports Direct following the delay in the release of the group’s annual results over a disputed tax bill which could have had a material impact on the accounts

FTSE 250 bus and train operator, FirstGroup plc, plans to switch auditors with the appointment of PwC to replace rival Big Four firm Deloitte who has been in post for 20 years

Sports Direct has hit out at claims that it is looking to replace its auditor Grant Thornton after delaying the release of its preliminary results, stating that it plans to reappoint the mid-tier firm for another year subject to a vote at this year's AGM

Creditors of café chain Patisserie Valerie have dropped KPMG as administrators after conflicts of interest arose relating to Grant Thornton, the auditor for both businesses

From October, the six largest audit firms will be required to provide the Financial Reporting Council (FRC) with regular updates on any instances of bullying and harassment, and details of action taken, in the wake of a series of scandals involving senior staff

Simon Dingemans has been officially appointed as chair of the Financial Reporting Council (FRC) after an approval hearing in front of the Business, Energy and Industrial Strategy (BEIS) committee of MPs, who have urged him to be more challenging

PwC is calling for statutory audits to provide more information about companies’ risks and future prospects following research into audit effectiveness which found that the majority of businesses and investors criticise the current audit process

Sir Jon Thompson is to leave the top post at HMRC after just three years to take on the role of chief executive at the troubled audit regulator, Financial Reporting Council (FRC)

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