Corporate reporting

Audit / Covid-19: FRC considers delay to audit quality inspections

The Financial Reporting Council (FRC) is closely monitoring the impact of covid-19 on audit quality inspections (AQI) as the US regulator suspends review work for 45 days, reports Philip Smith

Audit / Thomas Cook collapse depletes travellers’ compensation fund

The collapse of Thomas Cook cost the government at least £156m, and has severely compromised the ability of the travel industry’s own compensation fund to cope with another operator’s failure, the National Audit Office (NAO) warns

Audit / Going concern and the revised ISA (UK) 570

The importance of going concern cannot be underestimated when auditors review the financial viability of a business and complete the annual audit. David Duvall, senior technical writer at Croner-i, examines the key issues in the revised going concern audit standard

Audit / Covid-19: FRC advice for auditors and financial reporting

The Financial Reporting Council (FRC) has updated its guidance for auditors, advising that reporting schedules may need to be delayed to ensure audits continue to comply with required standards

Audit / Coronavirus: what internal auditors need to know

At times of crisis internal auditors play a vital role advising on reputational risk and crisis management, explains Richard Chambers, president and CEO, Chartered Institute of Internal Auditors

Audit / BDO replaces KPMG as Oxford Instruments auditor

FTSE 250 listed Oxford Instruments plc is planning to switch auditors, appointing its first mid-tier auditor BDO to replace incumbent KPMG after more than three decades

Audit / Audit updates: March 2020

In this month’s audit updates, FRC loses Court of Appeal challenge over disputed Sports Direct documents, budget rise to fund recruitment drive at Financial Reporting Council, ARGA audit regulator on the agenda, and audit flip at Hill & Smith

Accounting / FRC to scrutinise climate change reporting

The Financial Reporting Council (FRC) is to conduct a major review of how companies and auditors assess and report on the impact of climate change

Audit / FRC loses legal challenge over Sports Direct documents

The Financial Reporting Council (FRC) has hit a legal stumbling block in its efforts to require Sports Direct to provide legally privileged documents as part of its probe into Grant Thornton’s auditing of the retailer’s 2016 accounts

Accounting / Brexit transition guidance for accountants released

The Financial Reporting Council (FRC) and Department for Business, Energy and Industrial Strategy (BEIS) have published guidance for accountants and auditors confirming that there will be no substantive changes during the transition period post Brexit

Audit / Plans for ARGA audit regulator due by end March

The government has confirmed that it will replace the Financial Reporting Council (FRC) with a powerful new audit regulator as soon as parliamentary time is available

Audit / Audit regulator ramps up investigations with 13% budget hike

The Financial Reporting Council (FRC) is significantly beefing up its oversight and supervisory functions, recruiting 100 additional staff to improve the quality of its enforcement activity

Audit / Listed foundry Castings drops PwC for Mazars

Top 10 firm Mazars has picked up the audit for AIM listed iron casting and machining group Castings plc which has flipped auditors from its Big Four incumbent

Audit / Green corporate governance vital to 2030 environment goals

Accounting bodies have called for listed companies to improve reporting on the UN’s Sustainable Development Goals (SDG) in an attempt to meet 2030 environmental goals

Audit / Investors want more insight into relationship between board and employees

Companies need to improve their reporting on workforce-related issues by providing clearer and more consistent information about how staff interface with wider the business strategy, says UK standard setter
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