Auditing

Audit / Joint audits: double the trouble?

In the wake of the ongoing audit reform inquiries, Katharine Bagshaw FCA unpicks the pros and cons of mandatory joint and shared audits in the UK, asking whether the lack of viable alternatives will force an unwelcome political solution

Audit / EY global chief admits ‘zero contingency’ for audit break up

Revealing record worldwide revenues of $36.4bn, Carmine Di Sibio has hit back at proposals in the UK for operational splits between the Big Four’s audit and consultancy practices

Audit / Grant Thornton loses FTSE 250 Pantheon audit

Private equity investment trust parts ways with mid-tier audit firm after three decades following appointment of EY as new auditor from 2020

Audit / Audit updates: September 2019

In this month’s audit updates, KPMG is hit with £3.5m BNY Mellon fine, FRC fines hit record levels, firms required to report staff misconduct, BEIS clarifies Sports Direct auditor position, PwC quits Staffline audit but wins IHG audit, IESBA aims to strengthen scepticism, FRC consults on client assets while NAO revises Code of Practice

Audit / NAO consults on final stage of local audit code update

The National Audit Office (NAO) is seeking public feedback on proposed updates to its Code of Audit Practice, calling for greater focus on value for money in public bodies

Audit / Charity regulator criticises quality of audited charity accounts

Only half of charity accounts reviewed by the Charity Commission met the regulator’s external scrutiny benchmark with auditors and independent examiners failing to identify significant failings in charity accounts

Audit / Schulman: Libra cryptocurrency raises issues for accountants

Jay Schulman, national leader for blockchain at RSM, examines some of the challenges Facebook’s new digital currency, Libra, will pose for accountants, including existence testing and validating transactions with user tokens, if it gets off the ground

Audit / BEIS clarifies position over Sports Direct auditor

Lawyers from Sports Direct have approached the Department for Business, Enterprise and Industrial Strategy (BEIS) to gain clarity on the role of BEIS following the resignation of auditor Grant Thornton

Audit / PwC quits as auditor to AIM listed Staffline Group

Big Four audit firm PwC has resigned as auditor of Staffline Group plc, an AIM listed recruitment and training group, and has already stepped down citing concerns over material uncertainty and contractual obligations  

Audit / Grant Thornton resigns as Sports Direct auditor

Grant Thornton has resigned as auditor of Sports Direct, the day after the high street retailer announced its annual results and said it expected the firm to remain in situ for a further year and potentially until 2027, and despite acknowledged issues over selecting a Big Four replacement

Audit / Hotel group IHG books PwC for £4.7m audit

Global hospitality chain, InterContinental Hotels Group (IHG) has swapped EY for PwC as external auditor

Audit / Woolf: enforce independence for real auditor reform

Until the issue of independence and ownership is resolved, any proposed audit market shake-up will remain a fanciful pretence, failing to satisfy investor expectations, argues Emile Woolf FCA

Audit / Goals Soccer Centres plc to be delisted from AIM following accounting irregularities

Goals Soccer Centres Plc said that its shares will be delisted from the Alternative Investment Market (AIM) following the discovery of more irregularities in the company’s accounts

Audit / FRC consults on limited revisions to CASS standard

The Financial Reporting Council (FRC) has launched a consultation proposing limited revisions to the Client Assets Assurance Standard (CASS), which provides requirements and guidance for auditors who are have to report to the Financial Conduct Authority on an entity’s compliance with the CASS Rules

Audit / IESBA plans to clarify professional scepticism for accountants

The International Ethics Standards Board for Accountants (IESBA) is consulting on proposals to tighten up the International Code of Ethics for Professional Accountants in a bid to clarify the level of professional scepticism expected from accountants handling audits
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