Consultations

Audit / Government ‘kicking audit reforms into the long grass’

MPs have accused the government of dragging its feet over reforms to the audit market, with the Business, Energy and Industrial Strategy (BEIS) committee calling for faster action, warning of the risks of becoming bogged down in further consultations with three major reviews already in hand

Audit / Audit updates: June 2019

In this month’s audit updates, FRC reveals final plan and budget, KPMG in £5M Co-Op Bank fine, Mazars bags Goldman Sachs audit, ‘opinion shopping’ hides red flags, Laura Ashley audit fines, Anglo American ditches Deloitte and IAASB consults on audit simplification

Audit / Audit and quality management: ISQM 2 – part 3

In the third part of our series on reforms to auditing standards, Katharine Bagshaw FCA examines the exposure draft on International Standard on Quality Management (ISQM 2) Engagement Quality Reviews, including its applicability for smaller firms

Audit / Audit: will any reform make a real difference?

Despite nine Companies Acts in the 20th century, and numerous reviews, nothing has changed to prevent audit failure. Instead of changing the law, David Duvall argues for a change in cultural mindset to overturn auditor complacency and lack of management scrutiny, and clamp down on excessive dividend payments

Audit / IAASB consults on simplification of audits for less complex entities

The International Auditing and Assurance Standards Board (IAASB) is planning to simplify the use of   International Standards on Auditing (ISAs) for the auditing of less complex entities

Audit / Audit updates: May 2019

In this month’s audit updates, the Competition and Markets Authority (CMA) sets out radical reform proposals including mandatory joint audits, Brydon review launches audit process consultation, the future of the Financial Reporting Council (FRC), review of KPMG’s audit practice, sanctions for Grant Thornton and Baker Tilly, and audit switches at Mothercase and French Connection

Audit / Editor’s comment: audit market in turmoil

A swathe of audit reviews from the fundamental structure of the Big Four audit firms to the very future of auditing standards could reshape the whole profession, but are legislators prepared to make the necessary reforms, asks Sara White, editor of Accountancy Daily

Audit / FRC prioritises audit inspections during ARGA transition

The government has made clear that the Financial Reporting Council (FRC) must prioritise inspection and enforcement activities during the overhaul of the regulator and restructure as the Auditing, Reporting and Governance Authority (ARGA)

Audit / Audit and quality management: ISA 220, ISQM 1 – part 2

In the second part of our series on reforms to auditing standards, Katharine Bagshaw FCA examines proposed changes to ISA 220 Quality Management for an Audit of Financial Statements and the introduction of the first quality management standard for auditors, ISQM 1, currently out for consultation by the International Auditing and Assurance Standards Board (IAASB)

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
Subscribe