Corporate governance

Audit / Review of Croydon Council’s ‘dysfunctional’ financial governance

The government is conducting a probe into the London Borough of Croydon, which has forecast a £50m shortfall in funding this year, following strong criticism from external auditor Grant Thornton of its financial management and its scrutiny of spending and investments

Audit / FRC to beef up standard on fraud detection

The Financial Reporting Council (FRC) is to update the UK auditing standard covering the auditor’s responsibility relating to fraud, amid concerns that the 16-year old regulations are not sufficiently clear about what the requirements are

Audit / EXCLUSIVE: interview with Mazars UK head of audit

Head of audit at Mazars UK, Bob Neate, has his say on audit reform in the UK – explaining how he expects smaller firms to follow the Big Four in splitting operations and the benefits of more players through joint audit - as ‘everyone accepts that competition enhances quality’, Zak Jakubowski reports

Audit / SEC makes auditor independence requirements more flexible

The Securities and Exchange Commission (SEC) has announced it is to relax some of its auditor independence requirements in a bid to reduce the number of technical rule violations and increase the pool of audit firms from which companies can select

Audit / Woolf: public audit office only independent answer

In the wake of Deloitte’s £15m fine over its work at Autonomy, Emile Woolf puts forward the case for a new public audit office to resolve the auditor independence argument once and for all

Audit / ICAEW finds slow progress on improving audit quality

The quality of auditing of non-public interest entities (PIEs) is failing to improve, according to the ICAEW Regulatory Board (IRB) annual audit monitoring report, which highlights the need for greater auditor scepticism and robust challenge of management

Audit / Almost two-thirds of FTSE 350 compliant with new corporate governance code

UK companies are largely meeting new corporate reporting requirements arising from the Financial Reporting Council’s changes in 2018, but need to demonstrate the link between intention and action more explicitly, research by EY has found

Audit / FRC seeks KPMG response to Carillion probe

The Financial Reporting Council (FRC) has completed its initial report in connection with its extensive investigation into KPMG’s audit of the financial statements of Carillion, the outsourcing company which collapsed in January 2018

Audit / Call for Treasury to ensure cash access

The National Audit Office (NAO) is calling on the Treasury to launch a coordinated effort to safeguard access to cash, as Covid-19 has accelerated the move to online transactions, and there is a risk that vulnerable people who rely on paying money will be excluded

Audit / IAASB to examine going concern ‘expectation gap’

The International Auditing and Assurance Standards Board (IAASB) has opened a consultation on fraud and going concern in audits, in response to concerns raised by high-profile corporate failures in recent years

Audit / Audit firms report split progress

As Deloitte reveals plans to implement FRC audit firm split, Accountancy Daily reviews progress ahead of October deadline

Audit / Half of internal audit functions affected by coronavirus redeployment

Chartered IIA study raises concerns for corporate governance during coronavirus crisis, and reveals the extent of disruption to internal audit teams, as 46% of internal audit teams have been affected by redeployment during coronavirus lockdown

Audit / Deloitte first to confirm audit split

Deloitte is to set up an independent audit governance structure, becoming the first of the Big Four to respond to demands from the Financial Reporting Council (FRC) for an operational separation of audit from the rest of the firm’s business

Audit / Call for new public sector audit body

An independent inquiry into public sector auditing has recommended a shake-up of the sector, with a new regulatory body to oversee local authority audit and the introduction of a standardised statement of services and costs

Audit / Internal audit leader makes case for regulator with real power

As the BEIS select committee’s audit reform review draws to a close, John Wood, chief executive of the Chartered Institute of Internal Auditors, argues that now is the time for the government to deliver on its promise of a powerful regulator
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