Corporate reporting

Audit / NAO warning to MoD over aircraft carrier costs

The National Audit Office (NAO) has published the latest in a series of challenging reports on defence procurement, highlighting how significant uncertainties over the future costs of plans to bring new aircraft carriers into service may limit their effectiveness

Audit / FCA censures Redcentric over misleading financial information

IT services provider Redcentric has been given a public censure by the Financial Conduct Authority (FCA) for committing market abuse and ordered to pay £11.4m compensation to investors, while three former executives face legal proceedings

Audit / NAO offers guide on good practice in Covid-19 financial reporting

The National Audit Office (NAO) has published a guide to help audit and risk committees of government departments and arms-length bodies advise their organisations on financial management and reporting during, and in the period immediately after, the Covid-19 outbreak

Audit / FRC probes three firms over London Capital & Finance audits

Three audit firms – PwC, EY and Oliver Clive & Co – are facing a Financial Reporting Council (FRC) investigation into their auditing of London Capital & Finance (LC&F), a mini-bond investment specialist which collapsed last year amid controversy over the regulation of its high-risk products

Audit / NAO deepens analysis of £1.7 trillion government spending

The National Audit Office (NAO) reviewed £1.7 trillion of government expenditure over the past year, and reports its work led to positive financial impacts of £1.1bn

Audit / Wirecard says disputed €1.9bn ‘may not exist’

Beleaguered German payments fintech Wirecard has been forced to admit that €1.9bn (£1.7bn) of funds which auditors EY reported as ‘missing’ may never have existed, while its former CEO has been arrested on possible fraud charges

Audit / NAO warns government over infrastructure contract expiry costs

Important infrastructure including roads, hospitals and schools could return to the public sector in an unsatisfactory condition and services could be disrupted when a slew of private finance initiative (PFI) contracts end in five years’ time, because the government lacks a consistent and strategic approach to managing the financial risks involved, the National Audit Office (NAO) has warned

Audit / British Tourist Authority rapped over unauthorised procurement

The National Audit Office (NAO) has qualified the accounts of the British Tourist Authority (BTA) for the third year in a row, due to repeated and ongoing issues with irregular procurement activities and failure to secure government approval for more than £1m of unauthorised payments

Audit / KPMG, PwC face FRC probe over Eddie Stobart Logistics

The Financial Reporting Council (FRC) has launched two investigations into the audits of Eddie Stobart Logistics, one looking at KPMG’s work for the year ended 30 November 2017 and the other examining PwC’s auditing for the year to 30 November 2018  

Audit / Covid-19: government spend tops £124bn

The government has spent £124.3bn on programmes, initiatives and spending commitments in response to the pandemic, according to initial analysis from the National Audit Office (NAO)

Audit / EY to split out audit governance

EY has announced a shake-up of its top management team, splitting responsibility for audit and assurance under two separate heads, following the appointment of Hywel Ball as the firm’s managing partner and UK chair

Audit / Covid-19: auditors face challenge of evidence, scepticism and fraud

The current crisis is exposing auditors to increased risks and client challenges while the need for professional scepticism and fraud awareness has never been greater, say Clyde & Co’s accountants’ liability team

Audit / Audit firms failing on quality monitoring

The UK’s biggest audit firms are failing to improve the quality of their work because they are not making good use of tools to flag up problems early in the process so they can take action quickly, the Financial Reporting Council (FRC) has found

Audit / IAASB consults on revised group audit standard

The International Auditing and Assurance Standards Board (IAASB) is consulting on revisions to ISA 600, the standard covering group audits, to reflect a more risk-based approach and greater co-operation between audit engagement members

Audit / Scrutiny suffers as AGMs and directors move behind closed doors

Shareholders have been effectively locked out of their annual opportunity to hold directors accountable for the previous year’s financial performance, analysis by Philip Smith