Corporate reporting

Audit / FRC slates 'ineffective' transparency reporting at audit firms

The Financial Reporting Council (FRC) has slammed audit firms over the quality of their transparency reporting, describing it as ‘ineffective’ and no more than a 'marketing exercise', while most audit chairs did not even know the reports were produced

Accounting / Thomas Cook auditor EY will face regulator probe

The government has told the Financial Reporting Council (FRC) to start an investigation into the auditors of Thomas Cook as well as the conduct of its directors

Audit / Sports Direct still looking for auditor

Following the Sports Direct AGM, there is no progress on the appointment of a new auditor after Grant Thornton resigned as the incumbent last month

Audit / Limits of audit - public perceptions and legal realities

Oliver Passmore, partner and Alex Horsbrugh-Porter, counsel at Ogier consider the far-reaching implications for the future of the audit industry and director duties in light of recent audit failures and legal rulings on the role of auditors

Audit / Cybersecurity tops list of business risks

Cybersecurity worries continue to top the list of risks currently facing businesses in nine European countries, but climate change is fast becoming a major concern, according to research from the Chartered Institute of Internal Auditors (Chartered IIA)

Audit / FRC boss warns reforms ‘may not address expectations’

Audit watchdog increases enforcement team by 25% during preparations for move to more powerful Audit, Reporting and Governance Authority as outgoing chairman warns reviews may not address all stakeholder expectations  

Audit / Hadfield: audit can add value for business owners

With the audit process under the microscope, Menzies audit partner James Hadfield argues the case that businesses can benefit from closer scrutiny if they resist the cheapest audit option

Audit / Joint audits: double the trouble?

In the wake of the ongoing audit reform inquiries, Katharine Bagshaw FCA unpicks the pros and cons of mandatory joint and shared audits in the UK, asking whether the lack of viable alternatives will force an unwelcome political solution

Audit / EY global chief admits ‘zero contingency’ for audit break up

Revealing record worldwide revenues of $36.4bn, Carmine Di Sibio has hit back at proposals in the UK for operational splits between the Big Four’s audit and consultancy practices

Accounting / HLB network signs up financial data analytics software firm

Mid-tier international accounting network HLB agrees strategic partnership with Inflo, a supplier of accounting data analytics, to provide improved and consistent service for clients around the world

Audit / Grant Thornton loses FTSE 250 Pantheon audit

Private equity investment trust parts ways with mid-tier audit firm after three decades following appointment of EY as new auditor from 2020

Audit / Schulman: Libra cryptocurrency raises issues for accountants

Jay Schulman, national leader for blockchain at RSM, examines some of the challenges Facebook’s new digital currency, Libra, will pose for accountants, including existence testing and validating transactions with user tokens, if it gets off the ground

Audit / BEIS clarifies position over Sports Direct auditor

Lawyers from Sports Direct have approached the Department for Business, Enterprise and Industrial Strategy (BEIS) to gain clarity on the role of BEIS following the resignation of auditor Grant Thornton

Audit / PwC quits as auditor to AIM listed Staffline Group

Big Four audit firm PwC has resigned as auditor of Staffline Group plc, an AIM listed recruitment and training group, and has already stepped down citing concerns over material uncertainty and contractual obligations  

Audit / Grant Thornton resigns as Sports Direct auditor

Grant Thornton has resigned as auditor of Sports Direct, the day after the high street retailer announced its annual results and said it expected the firm to remain in situ for a further year and potentially until 2027, and despite acknowledged issues over selecting a Big Four replacement
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