Deloitte is to set up an independent audit governance structure, becoming the first of the Big Four to respond to demands from the Financial Reporting Council (FRC) for an operational separation of audit from the rest of the firm’s business
An independent inquiry into public sector auditing has recommended a shake-up of the sector, with a new regulatory body to oversee local authority audit and the introduction of a standardised statement of services and costs
The Court of Appeal has dismissed an attempt by Grant Thornton to overturn a record £22.6m claim for damages brought by former client AssetCo over the firm’s failure to spot a fraud at the AIM-listed company, which nearly collapsed as a result of an accounting scandal
As the BEIS select committee’s audit reform review draws to a close, John Wood, chief executive of the Chartered Institute of Internal Auditors, argues that now is the time for the government to deliver on its promise of a powerful regulator
PwC has announced it is not able to accept its proposed appointment as auditor to FTSE 250 company Petropavlovsk, citing governance concerns at the troubled Russian gold mining company
Audit fees at FTSE 100 companies have reached a new high, totalling £911m in 2019, up from £892m the previous year, in response to pressure from regulators for firms and their clients to invest more in core auditing activity
Listed car dealership admits no longer possible to release 2019 financial statements by end of August as scope of audit widens following Grant Thornton investigation into accounts blackhole
This month's exclusive Accountancy Daily CPD module focuses on how accountants and auditors will need to pay close attention to how revenue is treated in the accounts as companies prioritise generating revenue to overcome the pandemic
BDO has been fined £200,000 and sanctioned by the Financial Reporting Council (FRC) for lapses in its auditing of insurer AmTrust Europe Ltd (AEL), which included failing to report its evaluation of independent experts’ assessments
The Financial Reporting Council (FRC) has made two appointments to its executive team, as the regulator continues its transition to a new body, the Audit, Reporting and Governance Authority, with a wider remit and new statutory powers
Companies need to do more to explain the impact of Covid-19 on their performance, according to the first Financial Reporting Council (FRC) thematic review of company reporting since the onset of the pandemic
The Financial Reporting Council (FRC) has had a year of ‘significant progress’ in implementing its transformation into a new regulatory body, but has been hampered by the lack of legislation and recruitment challenges, according to its latest annual report and accounts
The long-expected hike in audit fees has finally come to pass, with FTSE 250 companies now paying on average 14% more this year to their auditors than last year, while challenger firms are beginning to make inroads, reports Philip Smith
The Financial Reporting Council (FRC) has closed one element of its probe into accounting issues at FTSE 250 outsourcer Mitie Group, having concluded there is insufficient evidence, but is continuing its separate investigation into Deloitte’s auditing of the company
