In a round-up of the biggest audit stories of the year, we look at all the non-coronavirus news, including audit wins and losses, plans to break up Big Four audit firms, fines, reprimands, standard revisions, audit quality inspections and an exclusive interview with FRC boss Sir Jon Thompson
December
BDO in driving seat as Lookers auditor
BDO takes over as auditor of Lookers, the UK national car dealership wrestling with a series of accounting issues, replacing Deloitte which had held the role for 14 years
FRC flags ‘importance of challenge culture’ in audit firms
Financial Reporting Council reveals new analysis of audit quality inspection results after 80% of audits require improvement, with effective challenging a key concern
Audit reform will fail without fundamental overhaul, warns ICAEW
ICAEW publishes manifesto of vision for the future of audit, saying the success of any changes to firm structure and regulation depends on a clearer understanding of roles and purpose
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