Audit

Audit / EY picks up ICG audit from Deloitte

FTSE 250 financial services company Intermediate Capital Group (ICG) has appointed EY as its external auditor, ending a 30-year relationship with Deloitte

Audit / Audit methodology: is it fit for purpose?

With auditors under heavy scrutiny and a litany of audit failures at listed companies, Sarah Perrin ACA asks whether the fundamentals of audit are actually working and how technology could improve the quality of audit

Audit / MPs to grill Big Four CEOs in audit inquiry

The heads of the Big Four audit firms and their mid-tier challengers are to face questions from MPs on Wednesday, 30 January, when the Business, Energy and Industrial Strategy (BEIS) select committee holds the second evidence session for its inquiry into the future of audit

Audit / EY US sets up independent audit quality committee

EY US has set up an independent audit quality committee (IAQC), comprised of senior external leaders and a former member of the Public Company Accounting Oversight Board (PCAOB), which will advise the US firm’s senior leadership on issues that affect audit quality

Audit / FRC Carillion probe to continue ‘well into 2019’

The Financial Reporting Council’s (FRC) investigation into Carillion is set to continue for much of this year but will be completed ‘promptly and thoroughly’, the regulator has said in an update on its examination of KPMG’s auditing and the conduct of two former finance directors of the failed outsourcer

Audit / Stallabrass: CMA joint audit proposal is a challenge to mid-tier firms

The Competition and Markets Authority’s (CMA) recommendation of joint audits for FTSE 350 companies will force mid-tier firms to invest in resources and skills to be able to contend with the Big Four. Matthew Stallabrass, partner, corporate audit at Crowe, considers the implications of the Kingman and CMA audit reviews

Audit / Last day for CMA audit market consultation response

Today marks the final deadline for responses to the consultation by the Competition and Markets Authority (CMA) on changes to legislation to improve the audit sector, which include separating audit from consulting services; greater accountability for audit committee chairs and introducing a ‘joint audit’ regime

Audit / KPMG suspends Carillion audit partner

KPMG has suspended Peter Meehan, the audit partner for failed outsourcing company Carillion, and three other members of staff after discovering issues with documentation provided to the Financial Reporting Council’s (FRC’s) audit quality review (AQR) of the company in 2017

Accounting / NAO flags concerns over health of NHS finances

The National Audit Office (NAO) warns that the current funding model for the NHS is not sustainable, despite the government’s pledge of an additional £20.5bn cash boost, because of the existence of substantial deficits in some parts of the system and the continued failure to hit performance targets

Accounting / KPMG advises Patisserie Valerie on ‘devastating’ fraud

Troubled high street café chain Patisserie Valerie has called in KPMG to help the company consider its options, after investigations found the accounting misstatements identified in October are much larger than originally estimated, with evidence of ‘devastating’ fraud and deliberate manipulation

Audit / BEIS committee warned over audit reform proposals

Both academics and business experts raised concerns of ‘unintended consequences’ of audit reforms to the business, energy and industrial strategy (BEIS) committee, with broad disagreement over whether the changes should be led by government or business, reports James Bunney

Audit / Half of council CFOs want changes to external audit

The government needs to improve its oversight of the governance system to help local authorities cope with increasing financial and demand pressures, with a quarter of chief finance officers (CFO) from councils calling for external auditors to focus on value for money, according to a report from the National Audit Office (NAO)

Audit / Calls for full scrutiny of EU banking audits

The European Court of Auditors (ECA) wants EU legislators to intervene and ensure the European Central Bank (ECB) allows full access to documents for audits related to banking supervision, arguing that the current position prevents them from carrying out their work properly

Audit / Pentagon pilots financial database after audit failure

The failure of its first audit has led the US Department of Defense (DOD) to begin the development of a central database that will record all financial transactions across its operations and aid it in managing a $692bn (£541bn) budget

Audit / BEIS Committee begins future of audit inquiry

The Business, Energy and Industrial Strategy (BEIS) Committee is to hold the opening evidence session of its inquiry into the future of audit
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