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

In the final instalment of this three-part series, Chartered Institute of Internal Auditors chief executive Ian Peters considers the accountability of the internal audit function

The Financial Reporting Council (FRC) has revoked the recognition of CIPFA as an audit qualifying body, now that it no longer has any members who hold a CIPFA awarded audit qualification

The Financial Reporting Council (FRC) has indicated it is considering an investigation into the auditing of government outsourcing specialist Carillion, which has gone into liquidation putting thousands of jobs and dozens of complex infrastructure projects at risk

A roundtable discussion held by The Monitoring Group of its proposed overhaul of the global audit standard setting process revealed broad support for a potential restructure

PwC is facing a two-year ban from auditing listed companies in India, following a probe by the Securities and Exchange Board of India (SEBI) into the 2009 accounting scandal at one of the firm’s clients, Satyam Computer Services, which became known as ‘India’s Enron’

 KPMG is standing down from its role as project management adviser to the Grenfell Inquiry with immediate effect, after concerns were raised about the Big Four firm’s auditing contracts for some of the organisations under investigation over their role in the fire in the tower block in June last year, which claimed 71 lives

The Financial Reporting Council (FRC) has set the date for the 2018/19 priorities meeting where it will set out its key objectives and work plan for the next 12 months

PwC has been criticised in a US court over the firm’s failure to uncover a $2bn (£1.47bn) fraud at Colonial Bank, which subsequently collapsed in 2009, in a case brought by the bank’s receiver Federal Deposit Insurance Corp (FDIC) which may open the way for compensation claims

The Public Company Accounting Oversight Board (PCAOB) has announced a $1.5m (£1.11m) settlement with Grant Thornton in the regulator’s first ever findings of quality control violations at a domestic global network firm, along with identified audit failures

In our monthly roundup of developments in audit and governance, Clarke sanctions review could see Big Four face £10m-plus regulatory fines, FRC admits to HBOS failures, corporate governance code set to cover AIM companies

British brewery and pub operator Marstons has chosen KPMG as auditor, following a formal tender process to replace PwC, who has held the role since 1963