Audit

Audit | Lack of professional scepticism leads to audit failings

Following a series of multimillion pound fines for audit misconduct, the audit regulator has ramped up its guidance on the use of judgment and professional scepticism, explains Paul Brehony, partner at Signature Litigation LLP

20 Oct 2022

Audit | Delays in local audit damage transparency, say MPs

MPs have criticised the length of delays in signing off public sector audits and failure to fully implement a new IT system

14 Oct 2022

Audit | Direct Line Insurance hires KPMG for £2.6m audit

FTSE 100 listed Direct Line Insurance has swapped auditors with the appointment of Big Four firm KPMG

14 Oct 2022

Audit | Mazars quits British Steel audit over fee dispute

Mid-tier audit firm Mazars has resigned as statutory auditor of British Steel after a dispute over an increase in audit fees

12 Oct 2022

Audit | Public sector audit fees set for 150% hike

The latest round of audit appointments across the public sector has been completed with six audit firms taking on the business, but fees are soaring

6 Oct 2022

Audit | Mazars faces audit probe over Studio Retail

The audit regulator has launched an investigation into Mazars over the audit of the Studio Retail Group following supply chain issues and delisting

6 Oct 2022

Audit | Deloitte fined $20m over audit failures in China

Auditors at Deloitte-China have been fined $20m (£22m) for failing to comply with US auditing rules by asking clients to select their own samples for testing

30 Sep 2022

Audit | Revised ISA 600 calls for robust audit communications

The FRC has published a revised ISA (UK) 600 Special Considerations for auditors with a focus on better communication and material misstatement risks

28 Sep 2022

Audit | FRC Carillion report details KPMG misconduct

Faking an audit evidence spreadsheet and rewriting missing minutes of overseas clearance meetings were examples of misconduct identified by audit inspectors, tribunal report shows

28 Sep 2022

Audit | Forensic auditors called in at Revolution Beauty

AIM listed Revolution Beauty Group plc, the multi-channel beauty retailer, has called in forensic accountants after BDO refused to sign off FY22 year end audit

23 Sep 2022

Audit | Cybersecurity and staff shortages major risks for internal auditors

Cybersecurity tops annual business risk survey for audit chiefs, with 8 in 10 (82%) citing it a top five risk, while staff retention and skilled hiring is a long-term concern

20 Sep 2022