Audit / Woolf: will latest proposals really improve audit quality?

Emile Woolf FCA is sceptical that the latest raft of probes and investigations will be able to cure the problems with the audit market, when there are many parties to blame, not only the heavily criticised auditors, but also the companies providing the accounts

Audit / Swabey: CMA review fails to address underlying problem with audit

The Competition and Markets Authority’s initial report on reforming the UK audit market ignores auditor independence and risks putting the cart before the horse, argues Peter Swabey, policy and research director at ICSA: The Governance Institute

Audit / Woolf: auditors need to go back to basics

A failure to reform the audit market means that the government is likely to take a hard line with audit firms and revive the principles of 'true and fair', warns Emile Woolf FCA

Audit / Landmark privilege rulings affect auditors and clients

What the Court of Appeal gives, the High Court takes away: two major decisions on legal professional privilege in the cases of ENRC v SFO and Financial Reporting Council v Sports Direct International plc have important ramifications for auditors and audit clients. Ross Dixon and Chris du Boulay at Hickman and Rose examine the decisions

Audit / Woolf: quality of audit work must improve for profession to change

Emile Woolf FCA explains why the only cure for the audit profession is to improve the quality of auditors work rather than endless fines and sanctions from the Financial Reporting Council (FRC)

Audit / Woolf: when compliance and truth part ways in audit

Emile Woolf FCA ponders whether this is the beginning of the end for the impartiality of accounting and auditing

Audit / Woolf: no limits on liability in audit

The Financial Reporting Council (FRC) can introduce endless sanctions, but without true unlimited liability nothing will stop audit failures, says Emile Woolf FCA

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