The Financial Reporting Council (FRC) is to investigate PwC’s conduct in relation to the audit of Redcentric, the AIM-listed IT managed services provider which revealed it had uncovered ‘misstated accounting balances’ when it reported its interim results for the six months ended 30 September 2016

Given its dubious black economy origins, initially there was widespread distrust of Blockchain among audit and accounting circles. But it could change audit radically if it is adopted by larger businesses and auditors are forced to review their technical capability, reports Calum Fuller

The US Public Company Accounting Oversight Board (PCAOB) has imposed a $1m (£800,000) civil penalty on EY’s network member in Indonesia for audit failure, non co-operation and violations of quality control standards

Milk, butter and cheese producer Dairy Crest Group, Britain’s largest dairy company, has announced it has chosen Deloitte as its external auditor for the year commencing 1 April 2017, ending a 20-year relationship with EY

The Financial Reporting Council (FRC) has updated its notes on best practice for audit tenders, including more emphasis on involving the whole audit committee, early engagement with firms, and the need for a long lead time, in response to companies’ experiences of mandatory rotation and retendering following changes in the regulations

The Financial Reporting Council (FRC) is to consult on strengthening its sanctions and changes to the corporate governance code over the course of 2017, the regulator confirmed at its annual priorities meeting reports Calum Fuller

The Financial Reporting Council (FRC) has published a revised practice note 20 (PN20), which brings together guidance for practitioners auditing insurance entities in the UK

The Irish Auditing and Accounting Supervisory Authority (IAASA) has formally adopted the auditing framework for Ireland, following Ireland signing the EU statutory audits directive and rescinded the former UK regulator oversight

In our monthly roundup of developments in audit and governance, Saga and Ferrexpo audit switches, lack of transparency in academy accounts, ICSA/IA drive to improve board engagement

The European Commission’s plans for changes to the financial regulation, which governs the operation of the EU budget, should be simplified further according to a new opinion published by the European Court of Auditors (ECA), which claims there is a risk of providing too much repetitive information

Unchecked by strong regulation and government, ignorance and greed can become widespread while questionable and opaque accounting rules obfuscate the quality of reporting and auditors miss key issues, warns Emile Woolf FCA