Corporate governance

Corporate reporting

Audit | AQI 2023: Mazars must take urgent action to improve audits

Nearly half of Mazars audits inspected in the current AQI round required improvements while efforts to turn around the performance of audit teams was taking longer than expected

7 Jul 2023

Audit | AQI 2023: BDO must address 'unacceptable' audit failings urgently

BDO came under fire for the quality of audit work in the latest FRC inspection round with two audits requiring significant improvements over revenue and journal testing, while staffing issues also were a factor

6 Jul 2023

Audit | AQI 2023: KPMG told to take action as quality slips

KPMG was the only Big Four firm to be flagged over an audit requiring significant improvement with three quarters of audits meeting the quality standard set by FRC inspectors

6 Jul 2023

Audit | AQI 2023: PwC needs to avoid conflicts of interest

Only three inspected audits required limited improvements as PwC continued to invest in audit quality and addressed issues around revenue recognition, but potential conflicts of interest were flagged

6 Jul 2023

Audit | AQI 2023: one in four audits fail to pass FRC inspections

A quarter of audits of listed companies are still failing to meet standards set by the Financial Reporting Council (FRC) with criticism of audit of revenue recognition and a failure to challenge management

6 Jul 2023

Audit | Russian sanctions amended for auditors

The government has clarified the Russian sanction rules confirming that audit firms can act for companies with a Russian shareholder

3 Jul 2023

Audit | EY raises concerns over Nottingham Councils finances

The Big Four firm highighted 'serious concerns' regarding the financial management at Nottingham City Council, after millions of pounds in housing cash was misspent

30 Jun 2023

Audit | KPMG and PwC handed £5m fines for Eddie Stobart audit failures

The Financial Reporting Council (FRC) has fined Big Four firms KPMG and PwC more than £5m for its failures in the audits of Eddie Stobart Logistics

29 Jun 2023

Audit | Audit backlog poses risk to validity of accounts

MPs questioned Section 151 Officers about the current backlog of unaudited local government accounts and whether some radical changes were needed to address it

28 Jun 2023

Audit | ESG reporting can be too ‘nebulous’

Audit committee chairs have little influence over the quality of ESG reporting at their companies, while they criticised how many disparate issues were shoehorned into the catch-all phrase

20 Jun 2023

Corporate reporting

Audit | Half of Scottish public sector audits filed late

Audit Scotland has called for improvements in the quality of financial reporting by public sector bodies in Scotland as half of audits miss filing deadline

19 Jun 2023

Audit | Halfords delays results over audit issue

The auditor of FTSE 250 listed Halfords Group has asked for an extension to give the firm time to complete their audit work

15 Jun 2023

Audit | Auditors must respond to risk of cryptoassets in audits

The US regulator has warned auditors to show extreme caution when auditing cryptoassets as the risk of fraud is high

15 Jun 2023

Audit | Lack of accountability as local audits delayed

MPs questioned the head of the National Audit Office (NAO) and other audit specialists on the huge backlog of unaudited local government accounts and what should be done to address it

6 Jun 2023

Audit | Call for reform of regulatory supervision of auditors

Increasing use of close supervisory and enforcement tools is putting auditors under pressure, but it needs to be reformed to speed up investigations, argue Richard Burger, partner, and Lindsey Cullen, associate, in WilmerHale’s investigations practice

6 Jun 2023