Audit

Audit / Software license auditing risks conflict of interest

The Big Four are risking conflicts of interest by maintaining and actively promoting specialist divisions to run software audits on behalf of software vendors, which can result in substantial claims against companies who are also their audit clients, a new study claims

Audit / Deloitte takes over from PwC at Lloyds Bank after 153 years

Deloitte has been named as the new external auditor for Lloyds Banking Group, replacing PwC which has held the role since 1995, having previously been auditor to certain of its constituent companies stretching back to 1865, making it the longest-running banking audit relationship

Audit / KPMG to face FRC misconduct hearing over Silentnight

The Financial Reporting Council (FRC) is to hear a formal complaint against KPMG and partner David Costley-Wood over allegations of misconduct related to work in 2011 with the UK’s largest bed and mattress manufacturer, Silentnight

Audit / Patisserie Valerie faces FRC audit probe

The Financial Reporting Council (FRC) is to investigate Grant Thornton’s auditing of Patisserie Holdings, the parent company of upmarket high street cake chain Patisserie Valerie, and will also examine the information provided by ICAEW member Christopher Marsh, its former chief financial officer

Audit / Audit exemptions and size criteria explained

Considering whether an entity can qualify for an audit exemption can be complex. As the audit busy season approaches, Anne Cowley ACA cuts to the key requirements

Audit / ICAEW says tougher FRC sanctions bad for audit competition

Both ICAEW and the Institute of Chartered Accountants of Scotland (ICAS) have highlighted concerns that the significant increases in the sanctions available to the Financial Reporting Council (FRC) for lapses in auditing risk reducing competition in the market

Audit / FRC consults on effectiveness of auditing standards

The Financial Reporting Council (FRC) has launched a consultation to find out how effective the 2016 changes to ethical and auditing standards have been and whether further steps are now needed to improve the quality of auditing in the UK

Audit / Investment firms caution against Big Four break up

Investors want to see improvements in audit quality and are concerned about the current dominance of the Big Four, but are holding back from calling for a break up of the largest firms or a ban on the supply of non-audit services, according to the responses made to the first stage of the Competition and Markets Authority (CMA) review of the sector

Audit / Only 25% of public know the role of an auditor

Half of the UK public (48%) believe it is auditors who are responsible for avoiding company failures, but only a quarter can accurately identify what an auditor does, according to a survey by ACCA which says there is an urgent need for a wider debate about the role of accountants

Audit / Big Four reject breakup in response to CMA study

An invitation to comment on a Competition and Markets Authority (CMA) audit market study has resulted in the Big Four unanimously rejecting the possibility of being broken up and expressing a range of opinions on market share caps and non-audit service restrictions

Audit / Oman suspends KPMG from beginning audits for a year

KPMG has been suspended from auditing entities regulated by Oman’s Capital Market Authority for a year following the discovery of what were described as ‘major financial and accounting irregularities’

Audit / US Pentagon fails first-ever audit

The first-ever audit of the Pentagon has identified multiple issues resulting in a heavily qualified opinion of the financial management systems and information technology at the US Department of Defense (DOD), which says it plans to use the findings to improve its financial controls

Audit / FRC announces audit monitoring priorities

The Financial Reporting Council (FRC) has indicated it plans to focus on the use of audit quality indicators (AQIs) and applying technology in audits during its inspections for 2019/20, as the regulator released details of its thematic reviews, priority sectors and audit areas of focus

Audit / Technology driving corporate reporting change, says EY

Smart technologies including artificial intelligence (AI), increased use of non-financial data and innovative approaches to recruitment are changing corporate reporting, enabling companies to offer greater transparency and so increase public trust in business, research by EY has found

Audit / Redrow builds audit future with KPMG

FTSE 250 housebuilder Redrow has appointed KMPG as its auditor for the financial year commencing 1 July 2019, ending a 20-year relationship with PwC
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