Audit

Consultations

Audit | Pod Point hires KPMG for £340k audit

FTSE listed Pod Point Group Holdings has swapped auditors hiring KPMG to replace Deloitte as a result of French joint audit rules

28 Jul 2023

Audit | FRC fined auditors £40m for poor audits

Big Four firm KPMG was hit with the highest ever sanction imposed by the regulator last year, although total fines dropped by £5m

27 Jul 2023

Law and regulation

Audit | PRA fines Credit Suisse £87m over governance failures

The Prudential Regulation Authority has fined Credit Suisse a record £87m for significant failures in risk management and governance related to Archegos

25 Jul 2023

Audit | Mandatory resilience statement to improve audit

The government is going ahead with plans to improve audit transparency in response to major corporate collapses like outsourcer Carillion which shook business confidence in the role of audit

20 Jul 2023

Audit | WANdisco auditor signs off accounts as audit fee hiked

Auditor BDO has signed off WANDisco’s accounts after months of delay as the listed IT data specialists reported a ‘significant, sophisticated’ fraud with millions of pounds of sales wrongly booked

13 Jul 2023

Corporate reporting

Audit | Accountancy firms struggle to find staff

The accountancy profession is struggling to hire experienced auditors and new talent, as salary pressures and excessive workloads are felt across the board

12 Jul 2023

Audit | Health agency unable to account for £3.3bn Covid inventory

The UK Health Security Agency (UKHSA) has been criticised in a report by the Public Accounts Committee (PAC) for its inability to account for £3.3bn worth of test and trace inventory

10 Jul 2023

Audit | AQI 2023: Grant Thornton maintains consistency in audit quality

All the Grant Thornton audits inspected in this year’s AQI were judged to require no more than limited improvements, but the mid-tier firm will be relegated to Tier 2 in the audit inspection process as its share of listed audit business has dropped

7 Jul 2023

Audit | AQI 2023: Mazars must take urgent action to improve audits

Nearly half of Mazars audits inspected in the current AQI round required improvements while efforts to turn around the performance of audit teams was taking longer than expected

7 Jul 2023

Audit | AQI 2023: BDO must address 'unacceptable' audit failings urgently

BDO came under fire for the quality of audit work in the latest FRC inspection round with two audits requiring significant improvements over revenue and journal testing, while staffing issues also were a factor

6 Jul 2023

Audit | AQI 2023: EY improves audit quality as workload rises

EY made overall improvements in the quality of its audit work this year, but revenue recognition and management challenges still need to be tackled as well as workload

6 Jul 2023

Audit | AQI 2023: KPMG told to take action as quality slips

KPMG was the only Big Four firm to be flagged over an audit requiring significant improvement with three quarters of audits meeting the quality standard set by FRC inspectors

6 Jul 2023

Audit | AQI 2023: PwC needs to avoid conflicts of interest

Only three inspected audits required limited improvements as PwC continued to invest in audit quality and addressed issues around revenue recognition, but potential conflicts of interest were flagged

6 Jul 2023

Audit | AQI 2023: Deloitte improves audit quality but work needed on revenue recognition

Deloitte improved the quality of audit work across the board with no audits requiring significant improvements although there were some issues related to revenue recognition in the annual audit quality inspection (AQI) cycle

6 Jul 2023

Audit | AQI 2023: one in four audits fail to pass FRC inspections

A quarter of audits of listed companies are still failing to meet standards set by the Financial Reporting Council (FRC) with criticism of audit of revenue recognition and a failure to challenge management

6 Jul 2023