Corporate governance

Audit / Covid-19: government spend tops £124bn

The government has spent £124.3bn on programmes, initiatives and spending commitments in response to the pandemic, according to initial analysis from the National Audit Office (NAO)

Audit / EY to split out audit governance

EY has announced a shake-up of its top management team, splitting responsibility for audit and assurance under two separate heads, following the appointment of Hywel Ball as the firm’s managing partner and UK chair

Audit / Covid-19: auditors face challenge of evidence, scepticism and fraud

The current crisis is exposing auditors to increased risks and client challenges while the need for professional scepticism and fraud awareness has never been greater, say Clyde & Co’s accountants’ liability team

Audit / Audit firms failing on quality monitoring

The UK’s biggest audit firms are failing to improve the quality of their work because they are not making good use of tools to flag up problems early in the process so they can take action quickly, the Financial Reporting Council (FRC) has found

Audit / IAASB consults on revised group audit standard

The International Auditing and Assurance Standards Board (IAASB) is consulting on revisions to ISA 600, the standard covering group audits, to reflect a more risk-based approach and greater co-operation between audit engagement members

Audit / FRC to investigate EY’s auditing of NMC

The Financial Reporting Council (FRC) is to investigate EY’s auditing of troubled FTSE 100 medical group NMC Health, which has gone into administration following the discovery of a string of accounting irregularities

Audit / Grant Thornton loses Modern Water audit to Jeffreys Henry

Jeffreys Henry LLP has replaced mid-tier Grant Thornton as auditor at AIM listed Modern Water plc, a water technology group, which is going through a major restructure following balance sheet tensions. Sara White reports

Audit / KPMG slammed with £700k fine over audit failures at listed company

Big Four audit giant KPMG and a current partner have been severely sanctioned by the Financial Reporting Council (FRC) over significant audit failures which occurred in the conduct of a major company audit in 2016

Audit / Corporate governance for private companies: Wates principles

A spate of corporate failures at large private companies has resulted in the creation of the mandatory Wates Principles to improve transparency on ownership and governance. Philip Smith assesses the impact on corporate reporting, intensified by the covid-19 pandemic

Audit / EY resigns as auditor of Travelex owner Finablr over governance issues

EY has resigned as auditor of troubled payments firm Finablr, parent of foreign exchange provider Travelex, citing concerns over the FTSE 250 company’s governance and demanding board changes, including the removal of a former EY partner as a non executive director

Audit / Covid-19: FTSE audit tenders face delays, partner engagements extended

The length of time an audit partner can remain in position without rotating off the client company can be extended on a temporary basis due to the ongoing covid-19 crisis, the Financial Reporting Council (FRC) has confirmed, while it is calling for a halt on company audit tender processes, reports Philip Smith 

Audit / Covid-19: regulators issue joint guidance on financial reporting and audit requirements

The Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) have announced a series of changes to the timing and content of financial information and the audit work required, in response to the current crisis, reports Pat Sweet

Audit / Covid-19: FRC considers delay to audit quality inspections

The Financial Reporting Council (FRC) is closely monitoring the impact of covid-19 on audit quality inspections (AQI) as the US regulator suspends review work for 45 days, reports Philip Smith

Audit / Thomas Cook collapse depletes travellers’ compensation fund

The collapse of Thomas Cook cost the government at least £156m, and has severely compromised the ability of the travel industry’s own compensation fund to cope with another operator’s failure, the National Audit Office (NAO) warns

Audit / Covid-19: FRC advice for auditors and financial reporting

The Financial Reporting Council (FRC) has updated its guidance for auditors, advising that reporting schedules may need to be delayed to ensure audits continue to comply with required standards
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