FTSE 250 international convenience food supplier Greencore Group has selected Deloitte as its external auditor with effect from the financial year ending 27 September 2019, replacing KPMG after ten years

In our monthly roundup of developments in audit and governance, FRC drops probe into KPMG HBOS audit, FRC hits PwC with record £5.1m fine over collapsed RSM Tenon audit failure, Deloitte resigns as PayPoint auditor as KPMG appointed

The EU is getting better at managing its finances, with a sustained improvement in the estimated level of error in payments from the EU budget, according to the latest annual report from the European Court of Auditors (ECA), which has dropped its ‘adverse’ opinion after more than two decades

Emile Woolf FCA asks whether auditors have learned anything about the banking scandals, such as RBS, that have rocked business in the last decade

Sara White, editor of Accountancy, discusses the Financial Reporting Council's (FRC) approach to enforcement and sanctions on the back of the regulator dropping its investigation into KPMG's HBOS audit

The FRC’s decision not to pursue further action against KPMG over its audit of HBOS is no sign of dysfunctional regulation, says Ross Dixon, partner at law firm Hickman & Rose

Regulators are unloved and frequently criticised, but play a key and underappreciated role in audit and the economy, finds Katharine Bagshaw FCA 

KPMG’s global chairman, John Veihmeyer, has issued an apology after the firm faced criticism over its audit work for the Gupta family and a separate report it produced for the South African Revenue Service

There is no issue around the Financial Reporting Council’s (FRC) independence from the auditors and audit firms it regulates, according to senior PwC partners

BDO has won the ‘casual vacancy’ as FTSE 250 outsourcer Mitie’s auditor after Deloitte resigned its position after 30 years

Sasfin Holdings, a South African banking and financial services group, has dropped KPMG as its auditor after 18 years citing ‘well-publicised concerns,’ as the firm faces criticism over its audit work for the Gupta family and a separate report it produced for the South African Revenue Service

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