Auditing

Audit / Would a UK Sarbanes-Oxley improve director accountability?

Reform of the UK audit market is long overdue with the tripartite Kingman, Brydon and CMA reviews still not implemented. Katharine Bagshaw FCA asks whether a UK version of Sarbanes-Oxley (SOX) would work with its harsh penalties for lack of corporate oversight 

Audit / Big Four audit fees hit £10.95bn as mid-tier squeezed out

The Big Four firms have increased their grip on the UK audit market, reporting a 4.7% hike in total fee income to £10.95bn compared to an 8.1% drop at mid-tier audit firms

Audit / RSM hired as Sports Direct auditor

Sports Direct has appointed RSM after four weeks without an auditor following the resignation of Grant Thornton, who had audited the company since 2004

Audit / FRC critical of auditor independence at Thomas Cook hearing

The Financial Reporting Council (FRC) has highlighted widespread concerns about whether auditors are sufficiently ‘dispassionate’ when assessing a company’s financial reporting, or whether client relationships are clouding their judgment and level of challenge, during evidence to MPs at the inquiry into the collapse of Thomas Cook

Audit / One in five do not trust UK audit system

An overwhelming majority of the public do not trust the current audit system and nearly three quarters support the introduction of joint audit, shows a poll conducted for Mazars

Accounting / MPs question PwC, EY over Thomas Cook going concern status

MPs have severely criticised senior audit professionals from PwC and EY over their level of challenge to management’s going concern statements as part of an investigation into the collapse of Thomas Cook, as well as highlighting strong objections to the provision of non-audit services to audit clients

Audit / KPMG to review Wirecard accounting

KPMG has been called in to conduct an additional independent audit at leading German online payment specialist Wirecard, following media allegations that the fintech company had fraudulently inflated sales figures and profits, which it strongly denies

Audit / Audit review head warns of reform ‘drift’

Sir John Kingman, who led a highly critical review of the operations of the Financial Reporting Council (FRC) has hit out at the government over its failure to include any reference to the legislation needed for reform of the audit regulator in this week’s Queen’s Speech

Audit / BDO chief predicts 25% hike in audit fees by 2022

Audit fees could increase by up to 25% over the next three years as auditors come under regulatory pressure to provide higher quality audit to listed companies, warns Paul Eagland, BDO managing partner. Sara White reports

Audit / Brydon criticises ‘shotgun’ approach to auditors over company collapses

Senior management and board directors, and not just the auditors, need to take some of the blame for the string of corporate collapses in recent years, says audit review chief  

Audit / FRC to investigate EY over Thomas Cook auditing

The Financial Reporting Council (FRC) has responded to pressure from the Department for Business, Energy and Industrial Strategy (BEIS) to launch an investigation into EY’s auditing of Thomas Cook

Audit / Audit updates: October 2019

In this month’s audit updates, date set for Autonomy audit complaint hearing, charity regulator criticises audits, Grant Thornton loses FTSE 250 audit, FRC chair fears reforms will not address concerns while EY boss admits zero contingency planning, and NAO consults on local code update

Audit / FRC strengthens going concern requirements for auditors

The Financial Reporting Council (FRC) has revised its going concern standard, ISA UK 570, in response to a string of corporate failures where auditors failed to warn that companies were on the brink of collapse

Audit / Woolf: bring back auditors’ personal responsibility

After two decades of no change, the audit profession must become personally responsible and legally accountable if it is to provide the levels of assurance demanded by investors, argues Emile Woolf FCA

Audit / BEIS committee to investigate Thomas Cook auditors

MPs are calling for faster progress on audit reform, as the Business, Energy and Industrial Strategy (BEIS) committee launched an inquiry into Thomas Cook’s leadership and auditors EY and PwC
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