An overhaul of the regulator’s supervisory model marks a shift to risk-based audit inspections and more focus on systems of quality management (SoQM). Stuart Brown, head of technical and compliance, Duncan & Toplis examines the implications for auditors
The Financial Reporting Council (FRC) issues final revisions to major UK auditing standards in attempt to tighten up auditors’ responsibilities in relation to fraud and going concern
Following widespread criticism of the overly complex UK audit rules for smaller companies, audit regulator says will ‘engage with stakeholders’ on possibility of introducing Less Complex Entity audit rules
Audit regulator issues temporary guidance for auditors to use during transition to tougher record-keeping rules for payment and e-money firms from the FCA
With the increasingly complex audit framework for SMEs, the regulator has issued tips on materiality, loans and role of external auditors to help negotiate the annual audit process
Changes to UK Audit Regulations from June mean audit firms taking on complex, risky audits will have to notify professional bodies within 21 days of winning the new audit contract
The government is simplifying the complex rules on directors’ remuneration reporting to remove duplication due to EU Directives which are not needed post Brexit, and bringing in a limited tender exemption on non audit services
Audit firms have been bogged down in audit regulations for years, with several organisations calling for a simplified audit process for SMEs despite fears UK regulator will not adopt new standard
The government has taken back oversight of local audit from the Financial Reporting Council with director of local audit taking external advisor role at MHCLG
Menu toggle
