Corporate governance

Accounting | Legal updates: June 2021

In this month’s legal updates, Sophie Brookes, partner at Gateley, examines the ruling in Virgin Active Holdings dispute over restructuring plans, buyer's notice of warranty claim in MDW Holdings and post-Brexit changes to UK market abuse regime in Financial Services Act 2021

1 Jun 2021

Audit | Crucial reforms vital to regain trust in audit industry

The Institute for Public Policy Research (IPPR) is calling for a complete culture change to the UK audit industry and the creation of much tougher regulator to oversee the profession

28 May 2021

Audit | FRC revises ISA 240 auditing standard to address fraud risk

As the audit profession waits for the final details of the government’s proposed audit reforms, the Financial Reporting Council (FRC) has issued a revision of its UK auditing standard ISA (UK) 240 on the responsibilities of auditors relating to possible fraud

27 May 2021

Audit | FRC auditor fines jump 180% to £25m in a year

The value of fines issued by the Financial Reporting Council (FRC) to auditors for poor quality audit rose 180% to just under £25m in the last year, up from £8.9m in the previous 12 months

26 May 2021

Audit | Audit: relying on substantive analytical procedures

Kate Beeston ACA explains how to achieve reliance on substantive analytical procedures and highlights pitfalls and potential deficiencies in internal controls

26 May 2021

Audit | Will audit reform result in uptick in litigation against auditors?

As the government consults on a raft of audit reform, Paul Brehony, partner and Kate Gee, senior associate at Signature Litigation consider whether this will result in an anticipated uptick in post-pandemic litigation against auditors

24 May 2021

Audit | Wyelands bank auditors warned about going concern issues

Wyelands Bank, owned by industrialist Sanjeev Gupta, announced last week that is to be sold or wound-up after its accounts revealed that repayments on 80% of its loan book were overdue

19 May 2021

Audit | UHY Hacker Young sanctioned over IKKR audit failures

Mid-tier audit firm UHY Hacker Young has received a series of sanctions including a severe reprimand over failures relating to the statutory audit of Inch Kenneth Kajang Rubber plc (IKKR) for the financial year ended 31 December 2016

17 May 2021

Audit | Directors of large public interest entities face enforcement action

Plans to overhaul the definition of public interest entities under new audit reform proposals will introduce new enforcement powers which will net directors. Harvey Knight, partner in Withers' financial services regulatory team, examines the plans

17 May 2021

Consultations

Audit | ICAS sets out vision for reform of audit profession

The Institute of Chartered Accountants of Scotland (ICAS) is calling for a three-step approach to overhauling the audit profession following proposals set out in the government’s audit reform consultation

12 May 2021

Audit | Haysmacintyre fined £70k over ABE audit failures

The Financial Reporting Council (FRC) has imposed sanctions against Haysmacintyre LLP and David Cox, audit engagement partner, in relation to the statutory audit of the financial statements of Associated British Engineering plc for the financial year ended 31 March 2018

12 May 2021

Audit | Baker Greggs names RSM as auditor

FTSE 250 listed high street bakery chain Greggs has announced a change of auditor with the appointment of RSM after decades using Big Four firm KPMG

29 Apr 2021

Accounting | ACCA launches Rethinking Sustainable Business hub for Earth Day

The Association of Chartered Certified Accountants (ACCA) has launched a business hub coinciding with Earth Day which will provide a central resource on sustainability issues for accountants

22 Apr 2021

Accounting

Financial reporting

Audit | Kilsby Williams appointed auditors for Poundstretcher

Welsh accountancy firm, Kilsby Williams, has been appointed to audit national retail chain Poundstretcher, replacing BDO, who resigned last October

22 Apr 2021

Audit | Audit sector ‘failing society’ says IPPR

Calls for a rule shake up for auditors after a major review by the Institute for Public Policy Research (IPPR) found multiple problematic practices that severely ‘undermine’ the sector

22 Apr 2021