The Financial Reporting Council (FRC) is to hear a formal complaint against KPMG and partner David Costley-Wood over allegations of misconduct related to work in 2011 with the UK’s largest bed and mattress manufacturer, Silentnight
The Financial Reporting Council (FRC) is to investigate Grant Thornton’s auditing of Patisserie Holdings, the parent company of upmarket high street cake chain Patisserie Valerie, and will also examine the information provided by ICAEW member Christopher Marsh, its former chief financial officer
Considering whether an entity can qualify for an audit exemption can be complex. As the audit busy season approaches, Anne Cowley ACA cuts to the key requirements
Both ICAEW and the Institute of Chartered Accountants of Scotland (ICAS) have highlighted concerns that the significant increases in the sanctions available to the Financial Reporting Council (FRC) for lapses in auditing risk reducing competition in the market
The Financial Reporting Council (FRC) has launched a consultation to find out how effective the 2016 changes to ethical and auditing standards have been and whether further steps are now needed to improve the quality of auditing in the UK
Investors want to see improvements in audit quality and are concerned about the current dominance of the Big Four, but are holding back from calling for a break up of the largest firms or a ban on the supply of non-audit services, according to the responses made to the first stage of the Competition and Markets Authority (CMA) review of the sector
Half of the UK public (48%) believe it is auditors who are responsible for avoiding company failures, but only a quarter can accurately identify what an auditor does, according to a survey by ACCA which says there is an urgent need for a wider debate about the role of accountants
An invitation to comment on a Competition and Markets Authority (CMA) audit market study has resulted in the Big Four unanimously rejecting the possibility of being broken up and expressing a range of opinions on market share caps and non-audit service restrictions
KPMG has been suspended from auditing entities regulated by Oman’s Capital Market Authority for a year following the discovery of what were described as ‘major financial and accounting irregularities’
The first-ever audit of the Pentagon has identified multiple issues resulting in a heavily qualified opinion of the financial management systems and information technology at the US Department of Defense (DOD), which says it plans to use the findings to improve its financial controls
The Financial Reporting Council (FRC) has indicated it plans to focus on the use of audit quality indicators (AQIs) and applying technology in audits during its inspections for 2019/20, as the regulator released details of its thematic reviews, priority sectors and audit areas of focus
Smart technologies including artificial intelligence (AI), increased use of non-financial data and innovative approaches to recruitment are changing corporate reporting, enabling companies to offer greater transparency and so increase public trust in business, research by EY has found
In its response to the Competition and Markets Authority (CMA) review, Grant Thornton has called for a ban on firms receiving non-audit fees from Public Interest Entity (PIE) clients however does not believe that splitting Big Four audit and non-audit practices will be an effective remedy
The chair of the work and pensions committee, Frank Field MP, is to meet later this month with Sarah Albon, chief executive of the Insolvency Service, to obtain further details regarding its refusal to reopen an investigation into the audit of BHS
