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Finance | Sanctions and ethics: is the audit regulator fit for purpose?

Fines for audit failures may be increasing with PwC landed a record £5.1m fine for the RSM Tenon audit, and another £5m for failures over Connaught, while Deloitte was given a £4m fine for Aero Inventory audit failures and Grant Thornton a £2.2m fine for AssetCo but there are serious questions about the scale and size of penalties, how they are dished out and the rationale for how the audit regulator, the Financial Reporting Council (FRC) sets them. Calum Fuller reports

19 Sep 2017

Auditing

Corporate Governance

Audit Regulations

Image for big data and audit analytics audit tenders and client relationships part 3

Finance | Big data and audit analytics: audit tenders and client relationships – part 3

The impact of new technology such as data analytics and big data will revolutionise audit but the risk of frequent tenders eroding auditor relationships and diluting the value argument is more of a threat for the future of audit, says Fiona Czerniawska, director of Source Global Research

19 Sep 2017

Auditing

Corporate Governance

Image for farming ownership disputes and legal status part 6

Tax | Farming: ownership disputes and legal status - part 6

Julie Butler FCA considers whether the inclusion of an error in the accounts changes legal ownership highlighting the issues raised in the long-running and contentious Ham v Bell & Ors [2016] EWHC 1791(Ch), settled at the High Court last year

19 Sep 2017

Finance | FRC drops investigation of KPMG’s audit of HBOS

The Financial Reporting Council has ended its investigation of KPMG’s audit of HBOS for the year ended 31 December 2007 after it concluded there is ‘not a realistic prospect of an adverse finding’, reports Calum Fuller

19 Sep 2017

Business | Ice cream director scooped for accounting records failure

Robert Scappaticci, the director of a Manchester-based ice cream company, has been disqualified for six-and-a-half years for failing to ensure that the company maintained or preserved adequate accounting records

19 Sep 2017

Business & Accountancy Daily

Latest news

Finance | Sanctions and ethics: is the audit regulator fit for purpose?

Finance | Big data and audit analytics: audit tenders and client relationships – part 3

Tax | Farming: ownership disputes and legal status - part 6

Finance | FRC drops investigation of KPMG’s audit of HBOS

Business | Ice cream director scooped for accounting records failure

Finance | Hoogervorst calls for greater focus on intangibles reporting not IFRS numbers

Finance | KPMG loses 18-year audit contract amid Gupta scandal

Business | FCA confirms Payment Services Directive implementation approach

Tax | Guidance on accounting officer assessments to scrutinise government projects

Tax | Accelerated payments to HMRC over disputed tax up 21% to £1.3bn

18 Sep 2017

Tax | Corporate loss tax rules could be double edged sword

Business | Economic trends: removing currency risk post-Brexit

Business | PwC partner profits fall despite record revenues

Finance | KPMG South Africa’s CEO resigns amid Gupta scandal

Tax | EU finance ministers agree to draft digital tax laws for IT giants

Business | US tax authority grants filing extension to hurricane victims

Tax | HMRC launches consultation on Help to Save scheme

Tax | Anti-money laundering online service rejecting certain reference numbers

Tax | First Common Reporting Standard exchanges on tax kick off

15 Sep 2017

Business | Why digital transformation rarely happens overnight

Tax | Edward Troup retires as HMRC executive chair

Business | Ex-PwC auditor faces £27,000 fine over insider trading

Business | Deloitte reports 7% hike in global revenue to $38.8bn

HR | People in the news: KPMG, RSM, Kingston Smith

Business | Moore Stephens' revenue up by 15%

Tax | HMRC updates worldwide disclosure facility with 90-day extension

Finance | Investigation into charity over unauthorised payments

Business | Changes to way Insolvency Service calculates holiday pay payments

Finance | NAO publishes cyber security risk guidance for audit committees

Tax | HMRC puts post-Brexit border tax costs at £800m