Law and regulation

Accounting / Companies House to refer to UN sanctions over 'designated persons'

Companies house has issued guidance that United Nations (UN) sanctions have led to extra checks on applications to register some corporate bodies in order to ascertain if ‘designated persons’ (DPs) are involved

Audit / AIM rule change prompts governance improvements

Companies listed on the Alternative Investment Market (AIM) have enhanced their corporate governance disclosures since a new rule change came into effect in September 2018 requiring them to demonstrate adherence to a recognised code, but there is still room for improvement, according to a progress review

Audit / Audit updates: December 2018

In our monthly roundup of key audit and government news, call for changes to audit profession as it remains 'black box' to outsiders, ISA 315 amendments unsuitable for SMEs, FRC chief Haddrill quits, PwC lands Air Partner audit and Redrow business moves to KPMG

Audit / Woolf: auditors need to go back to basics

A failure to reform the audit market means that the government is likely to take a hard line with audit firms and revive the principles of 'true and fair', warns Emile Woolf FCA

Audit / KPMG to face FRC misconduct hearing over Silentnight

The Financial Reporting Council (FRC) is to hear a formal complaint against KPMG and partner David Costley-Wood over allegations of misconduct related to work in 2011 with the UK’s largest bed and mattress manufacturer, Silentnight

Audit / Patisserie Valerie faces FRC audit probe

The Financial Reporting Council (FRC) is to investigate Grant Thornton’s auditing of Patisserie Holdings, the parent company of upmarket high street cake chain Patisserie Valerie, and will also examine the information provided by ICAEW member Christopher Marsh, its former chief financial officer

Audit / Audit exemptions and size criteria explained

Considering whether an entity can qualify for an audit exemption can be complex. As the audit busy season approaches, Anne Cowley ACA cuts to the key requirements

Audit / ICAEW says tougher FRC sanctions bad for audit competition

Both ICAEW and the Institute of Chartered Accountants of Scotland (ICAS) have highlighted concerns that the significant increases in the sanctions available to the Financial Reporting Council (FRC) for lapses in auditing risk reducing competition in the market

Audit / FRC consults on effectiveness of auditing standards

The Financial Reporting Council (FRC) has launched a consultation to find out how effective the 2016 changes to ethical and auditing standards have been and whether further steps are now needed to improve the quality of auditing in the UK

Audit / Big Four reject breakup in response to CMA study

An invitation to comment on a Competition and Markets Authority (CMA) audit market study has resulted in the Big Four unanimously rejecting the possibility of being broken up and expressing a range of opinions on market share caps and non-audit service restrictions

Audit / Oman suspends KPMG from beginning audits for a year

KPMG has been suspended from auditing entities regulated by Oman’s Capital Market Authority for a year following the discovery of what were described as ‘major financial and accounting irregularities’

Audit / FRC announces audit monitoring priorities

The Financial Reporting Council (FRC) has indicated it plans to focus on the use of audit quality indicators (AQIs) and applying technology in audits during its inspections for 2019/20, as the regulator released details of its thematic reviews, priority sectors and audit areas of focus

Audit / Grant Thornton against separating audit and non-audit practices of Big Four

In its response to the Competition and Markets Authority (CMA) review, Grant Thornton has called for a ban on firms receiving non-audit fees from Public Interest Entity (PIE) clients however does not believe that splitting Big Four audit and non-audit practices will be an effective remedy

Audit / BEIS committee begins inquiry into ‘broken’ audit market

The chair of the business, energy and industrial strategy (BEIS) committee has announced the launching of an inquiry into the future of audit, examining what steps need to be taken to restore public trust in the market

Audit / KPMG to abandon FTSE 350 non-audit services

KPMG is reportedly to become the first Big Four firm to cease non-audit work for FTSE 350 clients, according to leaked letter to its 625 UK partners, in a move intended to put it ahead of greater regulatory oversight
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