Consultations

Audit / Kennedy: is there a case for joint audits?

As calls for a radical overhaul of the audit market heat up, Mark Kennedy, managing partner, Mazars Ireland, considers whether proposals to introduce joint audits would work in the UK

Audit / Brydon review consults on fundamental overhaul of audit process

Plans to overhaul the audit market have gathered pace with the launch of the government’s public consultation into the quality and effectiveness of audit, looking at the fundamentals of the audit process, purpose and scope, led by Sir Donald Brydon. Sara White reports

Audit / IESBA consults on changes to ethics code for non-audit work

The International Ethics Standards Board for Accountants (IESBA) is consulting on planned changes to the code of ethics to ensure it is in line with the International Auditing and Assurance Standards Board’s (IAASB) independence standards for non-audit related assurance engagements

Audit / Audit and quality management: changes to auditing standards - part 1

In the first in a four-part series, Katharine Bagshaw FCA considers quality management of audits and looks ahead to three new standards due to go out for consultation in 2019

Audit / FRC to be disbanded as government green lights new audit regulator

The Financial Reporting Council (FRC) will be closed and replaced with a new audit regulator following criticism of their effectiveness of the existing organisation following a string of audit scandals at major listed companies

Audit / FRC consults on tougher going concern rules

The Financial Reporting Council (FRC) is consulting on plans to revise the International Standard on Auditing (ISA) (UK) 570 Going Concern, which will mean requirements for UK auditors will be significantly stronger than those required by international standards

Audit / The future of auditing: a cluttered horizon

Katharine Bagshaw FCA examines the future of auditing in light of a raft of UK investigations into quality, purpose and independence, the Monitoring Group's proposals to overhaul the international audit standard setters, and attempts to modernise auditing standards in an age of cross-border, digital multinational businesses, not to mention the audit needs of smaller entities

Audit / Audit updates: February 2019

In this month’s roundup of audit news, MPs probe Big Four and mid-tier firm heads about sustainability of audit, FRC consults on tougher stewardship code and changes to third country auditor fees due to Brexit, Carillion audit investigation to continue well into 2019, audit wins at SSE and ICG, while Aston Martin puts audit out to tender

Audit / Audit methodology: is it fit for purpose?

With auditors under heavy scrutiny and a litany of audit failures at listed companies, Sarah Perrin ACA asks whether the fundamentals of audit are actually working and how technology could improve the quality of audit

Audit / Stallabrass: CMA joint audit proposal is a challenge to mid-tier firms

The Competition and Markets Authority’s (CMA) recommendation of joint audits for FTSE 350 companies will force mid-tier firms to invest in resources and skills to be able to contend with the Big Four. Matthew Stallabrass, partner, corporate audit at Crowe, considers the implications of the Kingman and CMA audit reviews

Audit / Last day for CMA audit market consultation response

Today marks the final deadline for responses to the consultation by the Competition and Markets Authority (CMA) on changes to legislation to improve the audit sector, which include separating audit from consulting services; greater accountability for audit committee chairs and introducing a ‘joint audit’ regime

Audit / FRC consults on third country auditors' fees to prepare for Brexit

The Financial Reporting Council (FRC) has issued a four-week consultation on the fee structure for third country auditors (TCA) in the event of a no-deal Brexit, although it has indicated that the current fee structure is unlikely to change

Audit / Audit updates: January 2019

In this month’s round-up of audit news, the Competition and Markets Authority releases its initial findings into the lack of competition in the listed audit market with the Big Four under fire, while the Kingman review questions to competency of the audit regulator, while Patisserie Valerie drops Grant Thornton in auditor switch to RSM

Audit / CMA reform plan for joint audits and consulting split for Big Four

A five-week consultation has been launched on the Competition and Markets Authority’s (CMA) proposals to address the lack of competition in the audit market with reforms including the introduction of joint audits for listed companies, with at least one firm being non-Big Four, and closer scrutiny of auditor appointments, reports Amy Austin

Audit / Kingman review calls for abolition of FRC as audit regulator

In a scathing review of the Financial Reporting Council (FRC), Sir John Kingman has called for the standard setter and audit regulator to be closed in its present form with immediate replacement by a new oversight authority with regulatory powers set in statute
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