Audit / 2020 must be year of audit reform

With the audit profession under fierce scrutiny and the regulator in flux, it is critical to move forward with the creation of the replacement audit watchdog to restore confidence in the audit profession, argues Scott Henderson, CEO of ABGI

Audit / Investors want more insight into relationship between board and employees

Companies need to improve their reporting on workforce-related issues by providing clearer and more consistent information about how staff interface with wider the business strategy, says UK standard setter

Audit / Will the audit regulator toughen up?

Intense pressure on the audit regulator, the FRC, has resulted in a spate of multimillion pound fines for audit firms over audit misconduct, but there are warning signs that the latest Corporate Governance Code will raise the bar before the ARGA comes into effect, argues Mark Wearden FCCA

Audit / Insurance giant AIG hires Mazars for UK audit

Mid-tier audit firm Mazars has been lined up to take over the audit of AIG UK, the subsidiary of the listed US insurance giant AIG, breaking a 40-year PwC audit relationship

Audit / FRC revises audit standards to meet latest ISA (UK) 540

The Financial Reporting Council (FRC) has updated eight audit standards to reflect ISA (UK) 540 (Revised) – Auditing Accounting Estimates and Related Disclosures, focusing on auditor liability, fraud, going concern, joint audit and management challenge

Audit / Croner-i launches Navigate Audit service

Croner-i has launched its brand new Navigate Audit service designed to simplify and support audit compliance with an improved PCAS suite with an easily tailored macro-free Excel tool linked to clear, comprehensive guidance

Audit / Carillion audit probe unlikely before summer due to complexity

The Financial Reporting Council (FRC) has confirmed that the publication of the findings of its probe into the audit of failed outsourcer Carillion have been delayed until summer 2020 due to the ‘scale and complexity’ of the investigation

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