Consultations

Audit / FRC receives no feedback on third country auditor’s fees consultation

Due to the Financial Reporting Council (FRC) receiving no response on its consultation on plans to increase registration and annual renewal fees for third country auditors, the regulator has decided to put the 2018 Instrument into effect from 29 May 2018

Audit / IAASB seeks stakeholder views on its future strategy

The International Auditing and Assurance Standards Board (IAASB) has released a survey to seek views from its stakeholders on emerging developments and trends that are likely to be important to its 2020-2023 strategy

Audit / Babington: Monitoring Group must ensure audit standard setting fit for future

As the Monitoring Group considers the response to its ambitious proposals to overhaul audit standard setting, Mark Babington, deputy director, audit policy of the Financial Reporting Council (FRC), calls for wide stakeholder involvement to ensure the proposed Public Interest Framework, set for release this autumn in draft format, is fit for purpose

Audit / Global ethics board consults on professional scepticism in audit

The International Ethics Standards Board for Accountants (IESBA) has issued a consultation on how to improve the standards of professional scepticism shown by accountants and auditors, and whether to make it a mandatory requirement

Audit / Government names advisory group for audit regulator review

Two ICAEW members are among the panel of 11 senior figures from business, the investment community, governance and regulation that will support Sir John Kingman’s review into the audit regulator, the Financial Reporting Council (FRC)

Audit / Monitoring Group governance plans for audit face fierce criticism

Plans put forward by the Monitoring Group for a major overhaul of the global audit standard setting process, which include significant governance changes and the creation of a single audit and ethical standards setting body, have run into stiff opposition

Audit / PRA reviews external audit of public disclosure rules

The Prudential Regulation Authority (PRA) is consulting on a revision to the rules for the external audit of public disclosure requirements under Solvency II, which would see certain smaller insurers excluded from the requirement

Audit / ACCA calls for focus on principles and outcomes in corporate governance

The UK corporate governance code should have a stronger focus on understanding and applying the principles of good corporate governance, rather than a compliance-led ‘box ticking’ approach, according to ACCA’s feedback to the Financial Reporting Council's (FRC) consultation on proposed changes

Audit / Monitoring Group considers single board for ethics and assurance standards

A roundtable discussion held by The Monitoring Group of its proposed overhaul of the global audit standard setting process revealed broad support for a potential restructure

Audit / FRC to extend corporate governance code beyond FTSE 350

The Financial Reporting Council (FRC) is planning to overhaul the UK corporate governance code with a greater focus on stakeholders, integrity and corporate culture, as well as extending the rules to include large private companies outside the FTSE 350

Audit / Corporate Governance Code overhaul chance to strengthen internal audit role

Dr Ian Peters, chief executive of the Chartered Institute of Internal Auditors, explains why internal audit is being given a critical role in the Financial Reporting Council’s (FRC) review of the Corporate Governance Code

Audit / Monitoring Group consults on major overhaul of global audit standard setting process

The Monitoring Group is consulting on a major overhaul of the global audit standard setting process to enhance governance, accountability and oversight which could see a change to the role of IFAC and creation of a single audit and ethical standards setting body to replace the current split structure

Audit / Audit threshold rise for co-operatives under review

A rise in the audit exemption thresholds for co-operatives and community benefit societies, bringing them into line with companies at the £5.2m figure, is out for consultation

Audit / Practice Note 11 on audit of charities: what's changing?

The charities audit practice note (PN11) governs the audit of charities throughout the UK and Republic of Ireland and is currently out for consultation in a bid to improve the quality and effectiveness of the audit of charities following a daming report from MPs on the PACAC committee. Don Bawtree, partner at BDO, reviews the proposed changes to the audit rules

Audit / FRC lab calls for feedback on role of audit committees

The Financial Reporting Council (FRC) is looking for stakeholders and investors to take part in its first Audit and Assurance Lab pilot project exploring the role of audit committee reporting and its role in promoting audit quality, which is set to start this month
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