Audit

Audit | Go-Ahead train operator delays audit sign-off

FTSE listed Go-Ahead Group plans to delay the release of its annual results for year end 2021 due to delays to the audit sign-off as a result of issues over grants to London & South Eastern Railway subsidiary

9 Dec 2021

Audit | Can challenger firms compete for audit share?

Attempts to open up the audit market to wider competition and encourage mid-tier firms to tender for listed audits has not produced the expected results, warn Paul Brehony, partner and Kate Gee, counsel at Signature Litigation LLP

9 Dec 2021

Audit | FRC issues revised audit enforcement procedure

The Financial Reporting Council (FRC) has issued amendments to the audit enforcement procedure (AEP) to introduce a more robust enforcement process

8 Dec 2021

Law and regulation

Audit | FRC will focus on cashflow and fraud risks in audit inspections

The Financial Reporting Council (FRC) has set out its priorities for the next series of audit quality inspections with cashflow statements, and fraud and climate-related risks under the spotlight

6 Dec 2021

Audit | Scaling back audit reforms is a missed opportunity

High hopes were pinned on the audit reforms that were expected to restore trust in corporate governance and audit. So why is the government suddenly scaling back its planned and long-awaited corporate governance reforms, asks Anca Thomson, partner at Excello Law

6 Dec 2021

Audit | FRC drops Conviviality audit investigation into KPMG partner

The Financial Reporting Council (FRC) has closed its investigation into the preparation and approval of alcohol wholesaler Conviviality plc’s financial statements by a KPMG partner

3 Dec 2021

Audit | Greenpeace criticises rehire of auditors that ignore climate risks

Greenpeace has criticised FTSE 100 and FTSE 250 companies that continue to reappoint auditors that fail to address climate risks in their financial reports

30 Nov 2021

Audit | ICAEW critical of FRC changes to audit firm governance

Responding to a Financial Reporting Council (FRC) consultation on proposed revisions to the audit firm governance code, ICAEW has warned the changes lack clarity, are excessively prescriptive and extend beyond the Code’s original purpose

26 Nov 2021

Audit | Official Receiver files £230m claim against KPMG auditors

The Official Receiver is reported to have launched a £230m legal claim against KPMG, the auditor of collapsed construction firm Carillion

22 Nov 2021

Audit | Auditors fail to challenge management when performing audits

Auditors need to improve their levels of professional scepticism and challenge of management to meet standards for audit set out by the Financial Reporting Council (FRC)

18 Nov 2021

Audit | Aviva to swap £15.5m audit to EY

FTSE 100 insurer Aviva plc plans to appoint EY as its auditor for the financial year ending 31 December 2024, subject to shareholder approval at the 2024 annual general meeting

18 Nov 2021

Audit | Auditors must improve quality of audit work, says FRC

Audit firms need to ensure they are delivering high quality audit including critical assessment, management challenge and strong leadership, says the audit regulator

16 Nov 2021

Audit | Internal auditors urge government to hold directors accountable

Directors should be held responsible for audit failures in plans for audit reform, says the Chartered Institute of Internal Auditors in a letter to the business minister

15 Nov 2021

Audit | Using tests of details to obtain audit evidence

Michelle Roberts ACA, audit writer at Croner-i, explains what tests of details are and how to use them to obtain audit evidence and identify material misstatements taking into account ISA (UK) 330

10 Nov 2021

Audit | How important are company audits for businesses in the early stages?

Performing a statutory audit provides clarity for stakeholders and transparency for banking relationships so even smaller businesses should consider regular audits, explains Andrew Millet, director at Wisteria Accountants

8 Nov 2021