A major overhaul of audit following the Brydon report will see the creation of a separate corporate auditing profession, greater focus on fraud detection during audits, and the replacement of the ‘true and fair’ concept
Ducking an HMRC penalty for late tax filing is an important administrative consideration for any taxpayer. Meg Wilson CTA, tax writer at Croner-i, examines three key points from the latest Upper Tribunal case where the taxpayer lost his argument over penalties
The Financial Reporting Council (FRC) is consulting on two minor amendments to FRS 101 Reduced Disclosure Framework, identified as part of its annual review of the standard
KPMG has secured the future of online furniture designer and retailer Swoon after the failed business was sold out of administration in a pre-pack deal which will save all jobs at the company
A charity set up to advance Christianity has been ordered to bank all cash as part of an ongoing Charity Commission investigation into concerns about its financial controls
A former finance director with outsourcer Serco is one of two executives charged by the Serious Fraud Office (SFO) with fraud and false accounting in relation to its investigation into the company’s electronic monitoring contract with the Ministry of Justice (MoJ)
The Financial Reporting Council (FRC) has issued a major revision of the ethical standard for auditors banning them from providing most non-audit services to listed company clients to reduce conflicts of interest
After the election brought an 80-seat majority for the Conservatives. PM Boris Johnson has left most of his Cabinet unchanged with Sajid Javid reconfirmed at number 11
As the first full year reporting deadline for IFRS 16 Leases approaches, Andrew Marshall FCA, senior technical partner at KPMG, sets out the key issues to consider when finalising accounts
Top 10 fund management and accounting group Smith & Williamson has reported a 10.3% hike in operating income for the first six months of the 2019/20 financial year, which also saw the firm announce a strategic merger with Tilney Group to create a £1.8bn business.
Auditors must apply professional scepticism, but regulators frequently criticise them for failing to provide necessary evidence. In the first of a two-part series, Michelle Roberts ACA, Croner-i, hones in on the priorities for the profession
HMRC’s latest list of major tax defaulters owing £22m in unpaid tax, a 30% increase on last quarters £13m in September, the list was topped by an Internet sales company owing nearly £3m and an online advertising owing £820k, with solicitors, IT consultants and a bookkeeper also featuring
Five tax fraudsters who were part of a crime group involved in a £108m fake eco-investment scam have been ordered to repay £20m, or face more time behind bars and still owe the money
Edgar Lavarello and Dan Schwarzmann, partners from PwC, have been appointed as joint administrators of the Gibraltar-based Elite Insurance Company Ltd (EIC), which specialised in the legal expenses sector and has ceased operations
The Financial Reporting Council (FRC) has set out plans to review the impact of the latest lease accounting and revenue recognition IFRS standards as part of its 2020/21 thematic reviews
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