Corporate governance

Audit | Deadline for Covid insolvency measure changes extended

The government has announced a further extension to changes to insolvency measures and the regulations for company AGMs, designed to relieve the pressure on businesses dealing with coronavirus

8 Dec 2020

Audit

Audit | No more rubber stamping audits as covid pressure bites

As auditors wait for a government response to Sir Donald Brydon’s audit review, Johnston Carmichael’s audit head Graham Marjoribanks argues action already taken by firms and regulators will see audit add value and a more robust approach to client relationships

7 Dec 2020

Audit | Audit reform will fail without fundamental overhaul, warns ICAEW

ICAEW has published a manifesto setting out its vision for the future of audit, saying the success of any changes to firm structure and regulation depends on a clearer understanding of the role and purpose of audit

4 Dec 2020

Leadership & management

Audit | FRC builds case for audit committee standards

The Financial Reporting Council (FRC) says research carried out with audit committee chairs (ACCs) indicates a need to develop standards for audit committees in order to ensure a more consistent approach to promoting audit quality

3 Dec 2020

Audit | FRC to look at review standard for interim financial statements

The Financial Reporting Council (FRC) is consulting on proposals to revise its review standard for interim financial statements, to ensure the level of work carried out by auditors reflects wider expectations on going concern

30 Nov 2020

Audit | Government’s Covid protection procurement failures cost £10bn

Failure to maintain adequate stockpiles of personal protective equipment (PPE) cost the government £10bn as prices soared during the pandemic, while moves to boost supply failed to get equipment to frontline workers quickly enough, the National Audit Office (NAO) has found

25 Nov 2020

Audit | Big Four face FTSE non-audit work challenge

Big Four’s fees for non-audit work at audit clients declined by a fifth last year, but much more needs to be done to increase public confidence, says Chris Biggs of Theta Global Advisors

25 Nov 2020

Audit | Covid impacts going concern assessments

Audit firms have heeded Financial Reporting Council (FRC) advice to implement additional measures to enhance their evaluation of companies’ going concern assessments during the pandemic, a review by the regulator has found

24 Nov 2020

Audit | NAO slams lack of transparency in Covid procurement

The National Audit Office (NAO) has hit out at a lack of transparency and adequate documentation in the way the government handled £18bn of procurement of goods and services to cope with the outbreak of Covid-19

18 Nov 2020

Audit | FRC wants auditors to ‘redouble’ efforts to improve quality

The Financial Reporting Council (FRC) is urging auditors to redouble their efforts to remedy inconsistent audit quality, saying this has become even more important in the face of the unprecedented economic turbulence brought by Covid-19

13 Nov 2020

Audit | £66m shortfall as Croydon Council fails to balance budget

Croydon Council has become the first London borough in twenty years to issue a section 114 notice banning all new non-essential spending as the authority admitted it can no longer balance its budget this year

12 Nov 2020

Audit | Big Four FTSE 100 audit fees hit record £726m

The UK’s top 100 listed companies have seen an 8% hike in annual audits fees to hit £726m, as Big Four dominance locks out challenger firms while investment and regulatory pressure drives up costs

10 Nov 2020

Audit | FTSE 100: audit fees hit record levels

As the impact of intense regulatory scrutiny and audit automation escalates, the UK’s top 100 listed companies saw an 8% hike in annual audit fees to hit £726m, amid an increasing lack of competition due to Big Four dominance, Philip Smith reports

10 Nov 2020

Audit | £500k fine and reprimand for Deloitte over pension audit failings

Deloitte and one of the firm’s former engagement partners have been reprimanded by the Financial Reporting Council (FRC) over auditing failures at an unnamed client, with the Big Four firm given a £500,000 penalty

9 Nov 2020

Audit | Nottingham Council probed over energy company cost risks

The government has announced a rapid non-statutory review into Nottingham City Council, to examine serious governance and risk management issues associated with the council’s private energy company Robin Hood Energy (RHE)

3 Nov 2020