Audit / Woolf: time to make LLP partners accountable

Tackling the source of the ethical vacuum at Big Four audit firms is the only way forward and the current limited liability partnership construct does little to support accountability, says Emile Woolf FCA

Audit / Woolf: it’s not about the money

The Financial reporting Council (FRC) needs to explore the potential impact of non-financial sanctions, such as reputational damage, for firms at fault for audit failures, argues Emile Woolf

Audit / Woolf: testing time for FRC

Amid some strong criticism of the handling of the KPMG HBOS audit probe, Emile Woolf FCA questions the Financial Reporting Council's (FRC) independence 

Audit / Woolf: when will auditors learn?

Emile Woolf FCA asks whether auditors have learned anything about the banking scandals, such as RBS, that have rocked business in the last decade

Audit / Woolf: ethics should be paramount

A shortfall in ethics in the lastest round of Audit Quality Inspections (AQIs) from the Financial Reporting Council (FRC) and endless conflicts of interest are bad for the audit profession. Emile Woolf FCA takes aim at auditors and standards

Audit / Woolf: time to grasp the nettle on partnerships

An overhaul of partnerships at Big Four firms is the only way to achieve real accountability, argues Emile Woolf FCA while suggesting that limited liability partnerships should be abolished and auditors should stick to auditing

Audit / Woolf: institutionally gullible

Accounting provisions for loan losses lie at the heart of collapses of financial institutions in recent years, argues Emile Woolf FCA

Audit / Woolf: cashing in on complexity

Emile Woolf FCA asks why global accounting standards, in particular IFRS 9 Financial Instruments, are becoming increasingly complicated and starting to resemble the language used in quantum physics

Audit / Woolf: audit standards overload with IFRS 16 Leases

The onslaught of complex IFRS standards,particularly the IFRS 16 Leases overhaul and IFRS 7 requirements, pushes disclosure to the extreme, but for what purpose, asks Emile Woolf FCA

Audit / Woolf: boardroom pay escalates as governance suffers

Excessive director pay is a scourge across big business and it needs to be curbed, says Emile Woolf FCA, former forensic accountant and audit committee chair

Accounting / Stallabrass: post-Brexit accounting standards from UK GAAP to IFRS

Matthew Stallabrass, partner in the corporate team at Crowe Clark Whitehill, considers how Brexit may affect the future use of key accounting standards in the UK from FRS 102 - new UK GAAP - to International Financial Reporting Standards (IFRS) 

Audit / Woolf: arcane accounting rules encourage poor governance

Unchecked by strong regulation and government, ignorance and greed can become widespread while questionable and opaque accounting rules obfuscate the quality of reporting and auditors miss key issues, warns Emile Woolf FCA

Audit / Woolf: monetary sanctions useless in isolation

Monetary punishments for the misdemeanours of banks must be supported by meaningful changes to the audit oversight and corporate governance, says Emile Woolf FCA

Audit / Woolf: revenue recognition rule change tortuous

A handover of powers to professional accounting institutes has exacerbated a lack of accountability while changes to revenue recognition rules simply make accounting more complicated, warns Emile Woolf FCA

Audit / Woolf: shadow of 2008 still looms over auditors

As defined benefit pension schemes enter negative territory, Emile Woolf FCA calls for an overhaul of pension fund audits in a bid to improve levels of governance and oversight