Audit / Plans for ARGA audit regulator due by end March

The government has confirmed that it will replace the Financial Reporting Council (FRC) with a powerful new audit regulator as soon as parliamentary time is available

Audit / Auditor resignations up 21%

The number of auditors resigning from audits is up 21% in a year, as the Financial Reporting Council (FRC) puts firms under pressure to stop using audit as a loss-leader to get higher margin tax and consulting work

Audit / Audit updates: February 2020

In this month’s audit updates, Mazars wins AIG UK audit, Carillion audit probe delayed, global audit ethics overhauled, corporate governance tick box approach slammed, and independence call for local audit oversight.

Audit / Beales’ auditor may face ICAEW probe

ICAEW is considering whether to investigate the auditors of failed department store chain Beales over going concern issues

Audit / Hill & Smith ends 20-year audit relationship with KPMG

FTSE 250 listed engineering services company Hill & Smith Holdings plc is planning to flip Big Four auditors with the appointment of EY 

Audit / FRC consults on revisions to risk assessment standard

The Financial Reporting Council (FRC) is consulting on proposals to revise the UK audit standard, ISA (UK) 315 on identifying and assessing the risks of material misstatement

Audit / Professional scepticism in audit: part 2

In the second part of a two-part series, Croner-i senior technical writer Michelle Roberts ACA looks at how auditors can avoid criticism for failing to provide evidence of professional scepticism by ensuring all discussion, challenges and judgments are documented

Audit / Global ethics board plans overhaul of auditor independence rules

The International Ethics Standards Board for Accountants (IESBA) is consulting on significant revisions to the ethics code relating to provision of non-assurance services and fees to client companies in a bid to strengthen auditor independence

Audit / NAO releases draft Code of Audit Practice 2020

The National Audit Office (NAO) has published the final draft of the new Code of Audit Practice 2020, confirming more robust narrative reporting requirements 

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