Corporate reporting

Audit / Ireland’s football association facing accounting concerns

The Football Association of Ireland (FAI), which has become mired in controversy over a €100,000 (£86,000) loan made by its chief executive to the association, has announced its entire board has resigned after its auditor, Deloitte, raised concerns about its accounting records

Audit / Deloitte qualifies Swiss miner’s accounts over potential charity ‘misappropriation’

Auditors from Deloitte have issued a qualified opinion on the annual results from Ferrexpo, a Swiss headquartered iron ore company with assets in Ukraine, over concerns about possible ‘misappropriation’ of corporate social responsibility (CSR) funds

Audit / French Connection drops KPMG for Mazars after 25 years

Fashion firm French Connection Group has appointed Mazars as its auditor, replacing KPMG which has handled the audit since 1994

Audit / CMA’s joint audit proposals divide opinion

Plans to introduce joint audits for listed companies have been criticised by Big Four firms as potentially further damaging the quality of audits, while challenger firms argue that this would increase access to the audit market

Audit / CMA wants Big Four operational split and mandatory joint audits

The Big Four firms face an operational split between audit and consulting services, and mandatory joint audits of large listed companies, as a result of the Competition and Markets Authority’s (CMA) final report on the UK audit market

Audit / Editor’s comment: audit market in turmoil

A swathe of audit reviews from the fundamental structure of the Big Four audit firms to the very future of auditing standards could reshape the whole profession, but are legislators prepared to make the necessary reforms, asks Sara White, editor of Accountancy Daily

Audit / FRC prioritises audit inspections during ARGA transition

The government has made clear that the Financial Reporting Council (FRC) must prioritise inspection and enforcement activities during the overhaul of the regulator and restructure as the Auditing, Reporting and Governance Authority (ARGA)

Audit / Call to relax 51% rule on audit firm ownership

Reform of the audit market should focus on relaxing audit firm ownership rules, to permit new capital to enter the market to increase competition rather than breaking up the Big Four audit firms

Audit / FRC sanctions Baker Tilly auditors after Tanfield probe

Baker Tilly UK Audit, now part of RSM, has been reprimanded and fined £750,000 following the conclusion of a Financial Reporting Council (FRC) investigation into the audit of the financial statements of Tanfield Group and two of its subsidiaries for the year ended 31 December 2007

Audit / Brydon review consults on fundamental overhaul of audit process

Plans to overhaul the audit market have gathered pace with the launch of the government’s public consultation into the quality and effectiveness of audit, looking at the fundamentals of the audit process, purpose and scope, led by Sir Donald Brydon. Sara White reports

Audit / BDO may hive off audit practice to ensure profitability

Mid-tier firm BDO has confirmed that it is considering various options to hive off the audit practice from the rest of its accounting, tax and business advisory activities to ensure profitability and remove potential conflict, reports Sara White

Audit / MPs slam FRC’s choice of KPMG review head

Rachel Reeves, chair of the business, energy and industrial strategy (BEIS) select committee has challenged the Financial Reporting council (FRC) over its choice of Sally Dewar to lead its recently announced assessment of the governance and culture of KPMG's audit practice, on the grounds that she trained with the firm

Audit / Bowyer: breaking up Big Four is not the answer

As MPs call for a breakup of the Big Four accounting firms to hive off audit services, remove conflicts of interest and increase competition, Julia Bowyer ACA argues that an overhaul of the arguably outdated Companies Act would be a more effective way to change the balance of responsibilities between boards and auditors

Audit / Dossett: the future of public audit at a crossroads

With listed entity audit under scrutiny, public sector audit may seem to have gone below the radar, but there are issues from declining fees to concerns about the scope and effectiveness. As the Kingman review has raised the stakes for corporate audit,so will it reverberate across all areas of audit, says Paul Dossett, head of local government, Grant Thornton UK LLP

Audit / FRC found to be ‘asleep at the wheel’ over audit, says Reeves

Rachel Reeves MP, chair of the Business, Energy and Industrial Strategy (BEIS) select committee, has slammed the Financial Reporting Council (FRC) for being an ill-led regulator, highlighting that the incoming Audit, Reporting and Governance Authority (ARGA) must have new leadership and that this ‘cannot come soon enough’