Audit

Accounting / MoD’s financial blunder costs taxpayer £1.35bn

The National Audit Office (NAO) has criticised the Ministry of Defence (MoD) for poor financial management of three critical infrastructure projects on its nuclear-regulated sites

Audit / Revised internal audit code focuses on risk management

 A year on from the high profile corporate collapses of Carillion and Patisserie Valerie, the Chartered Institute of Internal Auditors (IIA) has issued an updated version of its voluntary code of practice for internal auditors

Audit / FRC criticises tick box mentality to Corporate Governance Code

The largest companies in the UK need to improve their standards of governance and focus on improving corporate culture rather than taking a box ticking approach to compliance, warns the Financial Reporting Council (FRC)

Audit / Audit updates: January 2020

In this month’s audit updates, Grant Thornton given £650,000 audit fine at unnamed company, FRC bans majority of non-audit services and audit investment drives down KPMG partner pay

Audit / SEC plans overhaul of audit independence rules

The US Securities and Exchange Commission (SEC) is planning to update and strengthen certain aspects of the auditor independence framework

Audit / Revised ISA 315 to strengthen audit of material misstatement

The International Auditing and Assurance Standards Board (IAASB) has released the revised ISA 315 to tighten up the audit requirements for material misstatements in the event or fraud or error

Audit / CIPFA calls for independent regulator to oversee local audit

The Chartered Institute of Public Finance and Accountancy (CIPFA) has criticised the oversight of public sector audit, saying that since the abolition of the Audit Commission, quality has deteriorated 

Audit / FRC extends Thomas Cook audit probe

The Financial Reporting Council (FRC) has widened its investigation into EY’s auditing of collapsed travel firm Thomas Cook Group to bring in 2017 financial statements

Audit / FRC bans majority of non-audit services in overhauled ethical standard

The Financial Reporting Council (FRC) has issued a major revision of the ethical standard for auditors banning them from providing most non-audit services to listed company clients to reduce conflicts of interest

Accounting / FRC reporting reviews to focus on high risk sectors

The Financial Reporting Council (FRC) has set out plans to review the impact of the latest lease accounting and revenue recognition IFRS standards as part of its 2020/21 thematic reviews

Audit / Professional scepticism in audit: part 1

Auditors must apply professional scepticism, but regulators frequently criticise them for failing to provide necessary evidence. In the first of a two-part series, Michelle Roberts ACA, Croner-i, hones in on the priorities for the profession

Audit / KPMG partner pay down 7% as revenue squeezed

After a difficult 12 months, KPMG UK saw revenues increase by 3% from £2.34bn to £2.4bn, as the firm went through a comprehensive overhaul of its audit practice in the wake of harsh criticism from the audit regulator

Audit / Execs at US brands company charged with fraud

The Securities and Exchange Commission (SEC) has charged brand-management company Iconix Brand Group and three of its former top executives with fraud, after an investigation found they had manipulated the company’s earnings

Audit / FRC fines GT £650k over audit lapses

Grant Thornton has been fined £650,000 by the Financial Reporting Council (FRC), reduced for cooperation, over failures in the 2016 audit of an unnamed publicly listed company, which included inadequate sampling, a lack of professional scepticism and insufficient documentation

Audit / Woolf: goodwill write-off periods must be limited

As the collapse of Carillion and Thomas Cook have shown, auditing goodwill and impairments can represent insurmountable problems for auditors, so maximum write-off periods for these intangibles could be the only solution, argues Emile Woolf
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