Corporate governance

Audit / FRC ends part of Mitie investigation

The Financial Reporting Council (FRC) has closed one element of its probe into accounting issues at FTSE 250 outsourcer Mitie Group, having concluded there is insufficient evidence, but is continuing its separate investigation into Deloitte’s auditing of the company

Audit / AQI 2020: FRC’s audit rating of top firms

Accountancy Daily has consolidated FRC’s annual audit quality inspection cycle of the Big Four and mid tier firms, find the full details below

Audit / Health warning over NHS Wales finances

The Auditor General has sounded an alarm about NHS finances in Wales, after four of the seven health boards once again failed to meet their financial duty to break-even over a three-year period, according to a review of their 2019-20 accounts

Audit / AQI 2020: Mazars improves on previous year at time of growth

The FRC is calling on mid-tier firm for extra rigour as it takes on larger and more complex audits

Audit / AQI 2020: Grant Thornton branded ‘unacceptable’ despite increased scrutiny

FRC’s AQI report finds only 55% of audits at mid-tier firm require no more than limited improvements following dire 2019 report

Audit / AQI 2020: BDO in dock for revenue audit failings

FRC urges ‘robust action’ as audit quality takes a backwards step at mid-tier firm with only 63% of audits up to scratch

Audit / AQI 2020: Deloitte best performer of Big Four

Deloitte leads the Big Four as having the fewest audits judged to need improvements in the Financial Reporting Council’s (FRC’s) latest review, and is the only firm to have hit the regulator’s target of 90% of FTSE 350 audits meeting the required quality standard

Audit / AQI 2020: a third of PwC audits needed improvements

A third of the PwC audits reviewed by the Financial Reporting Council (FRC) in this year’s audit quality inspection (AQI) were judged to require improvement, with the level of challenge to management on cash flow forecasting highlighted as below expectations

Audit / AQI 2020: KPMG needs faster progress on audit inconsistency

The Financial Reporting Council’s (FRC’s) annual review has criticised KPMG for failing to achieve high audit quality consistently, and called for the firm to make improvements more quickly, including strengthening its culture of challenge

Audit / AQI 2020: EY ‘disappointed’ as results reveal lack of challenge

With a third of its audits failing to hit the top grade, EY has been pulled up by the accountancy watchdog for shortcomings over challenging management assessments of impairments and inadequate oversight of component audit teams

Audit / AQI 2020: FRC finds a third of audits need improvement

The Financial Reporting Council (FRC) has branded the level of audit quality in the UK’s top seven firms as ‘unacceptable’, after its annual inspection cycle found a third of the audits reviewed needed improvements.

Audit / Woolf: same fraud, bigger cakes

From crumbs to corporate collapse, the way fraudsters cook the books has changed little, although the ingredients have become far from immaterial, warns Emile Woolf

Audit / GT fined £3m over audit ethics failures

The Financial Reporting Council (FRC) has hit Grant Thornton UK with a £3m fine, discounted to £1.95m, over a series of ethical and independence failures in its auditing of Conviviality Retail, part of the collapsed alcohol wholesaler and retailer group

Audit / FRC gives four-year deadline for Big Four audit separation

The Financial Reporting Council (FRC) has given PwC, EY, KPMG and Deloitte four years in which to agree to operational separation of their audit practices, in a bid to drive up audit quality and end what the regulator dubbed ‘persistent cross subsidy’ from the rest of the firm

Audit / Audit firms ‘respond appropriately’ to Covid-19 going concerns

Audit firms have responded appropriately to the need to enhance their evaluation of companies’ going concern assessments during the Covid-19 emergency, and the additional measures are being applied consistently, according to the Financial Reporting Council (FRC)
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