In this month’s audit updates, Grant Thornton given £650,000 audit fine at unnamed company, FRC bans majority of non-audit services and audit investment drives down KPMG partner pay
The Financial Reporting Council (FRC) has issued a major revision of the ethical standard for auditors banning them from providing most non-audit services to listed company clients to reduce conflicts of interest
As the collapse of Carillion and Thomas Cook have shown, auditing goodwill and impairments can represent insurmountable problems for auditors, so maximum write-off periods for these intangibles could be the only solution, argues Emile Woolf
In this month’s audit updates, FRC fines leap 44%, MPs grill auditors over Thomas Cook, PwC in $7.9m independence fine, Kingman warns of reform drift while Brydon hits out at ‘shotgun’ approach, BDO predicts 25% audit fee hike, public demands ‘more teeth’ at regulator as new team take over and going concern audit standard is ‘toughened’
There was a 44% hike in the value of fines issued by the Financial Reporting Council (FRC) to audit firms last year, following a global trend which sees its replacement regulator set to impose even tougher sanctions, according to analysis by Thomson Reuters
In this month’s audit updates, date set for Autonomy audit complaint hearing, charity regulator criticises audits, Grant Thornton loses FTSE 250 audit, FRC chair fears reforms will not address concerns while EY boss admits zero contingency planning, and NAO consults on local code update
The Financial Reporting Council (FRC) has revised its going concern standard, ISA UK 570, in response to a string of corporate failures where auditors failed to warn that companies were on the brink of collapse
After two decades of no change, the audit profession must become personally responsible and legally accountable if it is to provide the levels of assurance demanded by investors, argues Emile Woolf FCA
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
In this month’s audit updates, KPMG is hit with £3.5m BNY Mellon fine, FRC fines hit record levels, firms required to report staff misconduct, BEIS clarifies Sports Direct auditor position, PwC quits Staffline audit but wins IHG audit, IESBA aims to strengthen scepticism, FRC consults on client assets while NAO revises Code of Practice
The National Audit Office (NAO) is seeking public feedback on proposed updates to its Code of Audit Practice, calling for greater focus on value for money in public bodies
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
The Financial Reporting Council (FRC) has launched a consultation proposing limited revisions to the Client Assets Assurance Standard (CASS), which provides requirements and guidance for auditors who are have to report to the Financial Conduct Authority on an entity’s compliance with the CASS Rules
In this month’s audit updates, Deloitte hit with £6.5m fine over Serco, Ferrexpo swaps Big Four auditor for MHA, ‘complexities’ delay Sport Direct results, BEIS audit market reform consultation, MPs concerns over FRC chair appointment, ethical standards and local authority audits both up for review
PwC is calling for statutory audits to provide more information about companies’ risks and future prospects following research into audit effectiveness which found that the majority of businesses and investors criticise the current audit process
