Auditing

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Finance | Editor's comment: era of conflict over non audit services

As the FTSE 100 continues to revolve their audit contracts around the Big Four, the 70% cap on non-audit services is creating additional pressure for audit firms as they attempt to clean up their billing and divest of potential areas of conflict. The question for the boards of the major accountants is how the cap will affect future growth, says Sara White, editor of Accountancy

2 Nov 2016

Corporate Governance

Accountancy Firms

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Finance | DfE reviewing consolidated financial reporting on academy schools

The Department for Education (DfE) is set to change the way consolidated financial information for the academy schools sector is reported to parliament although this should have limited effect on the audit process

2 Nov 2016

Corporate Governance

Accounting Consultations

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Finance | Audit updates: November 2016

In this month’s audit updates EU ignore state aid rules, EY fined $9.3m over US client relationships, CIIA to review internal audit code for financial services, PwC Switzerland wins FIFA audit

1 Nov 2016

Corporate Governance

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Finance | PwC and former partner set for FRC disciplinary tribunal over Connaught audit

PwC and a now-retired former audit partner Stephen Harrison are set to appear before the Financial Reporting Council’s (FRC) disciplinary tribunal in November over the audit of Connaught

28 Oct 2016

Corporate Governance

Audit Regulations

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Finance | FRC releases guidance on new-style audit reports

In a burst of activity from the Financial Reporting Council (FRC), the audit regulator has issued an updated auditors’ bulletin, which sets out example new-style audit reports although there are provisos that these cannot be used before the new ISA 700 (Revised) is implemented

28 Oct 2016

Corporate Governance

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Finance | FRC to update Practice Note 20 for insurance audit to reflect ISAs

The Financial Reporting Council (FRC) has issued a consultation on plans to revise Practice Note 20: the Audit of Insurers in the UK to update information on audit of regulatory returns and to reflect ISA changes

28 Oct 2016

Corporate Governance

Accounting Consultations

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Finance | FRC issues revised ISA 800 and 805 for audit of Solvency II returns

The Financial Reporting Council (FRC) has issued revised International Standards of Auditing, ISA (UK) 800 and ISA (UK) 805 covering financial statements for the insurance sector

28 Oct 2016

Audit Regulations

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Finance | IAASA consults on future auditing framework for Ireland

The Irish Auditing and Accounting Supervisory Authority (IAASA) has released a consultation on the future auditing framework for Ireland, as it takes over standard setting from the UK’s Financial Reporting Council (FRC), with response required within 30 days

27 Oct 2016

Corporate Governance

Accounting Consultations

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Finance | AAPA dropped as recognised supervisory body for audit

The Financial Reporting Council (FRC) has decided to revoke the recognition of the Association of Authorised Public Accountants (AAPA) as a recognised supervisory body (RSB) for audit with effect from 31 December 2016

26 Oct 2016

Audit Regulations

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Finance | International reporting: audit considerations under IFRS 9

Under the new accounting rules set out in IFRS 9 Financial Instruments, there are a number of key issues for auditors to consider including lending models, credit risk and proportionality, says Jeroen Van Doorsselaere, IFRS expert at Wolters Kluwer Financial Services

25 Oct 2016

Financial Reporting

Image for ey fined 118m sec audit failures

| EY fined $11.8m by SEC for audit failures

EY is to pay a $11.8m (£9.5m) penalty to settle charges from the Securities and Exchange Commission (SEC) relating to failed audits of an oil services company that used dishonest income tax accounting to inflate earnings

19 Oct 2016

Accountancy Firms

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Finance | FRC chairman addresses challenges faced post-Brexit

Chairman of the Financial Reporting Council (FRC), Sir Winfried Bischoff, has revealed the challenges that legislators and regulators face post-Brexit, as well as disclosing what the FRC’s plans are for audit and accounting standards going forward, despite scepticism on the future of the FRC

13 Oct 2016

Accounting Standards

Financial Reporting

Accountancy Firms

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Finance | Brexit could see slimmed down Financial Reporting Council

The process of leaving the EU could lead to a diminution of the reach and power of the Financial Reporting Council (FRC) as its scope of influence may well be reduced in the longer term, says Matthew Stallabrass, partner in the corporate team at Crowe Clark Whitehill

12 Oct 2016

Financial Reporting

Law and Regulation

Corporate Governance

Audit Regulations

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| NAO investigates £30m government grant to Garden Bridge Trust

The National Audit Office (NAO) has questioned the viability and taxpayer risk following an investigation into the Department for Transport’s £30m grant towards the development of the Garden Bridge, the proposed plan for a new pedestrian bridge over the Thames, following an internal audit of the Garden Bridge Trust

12 Oct 2016

Accountancy Firms

Image for frc resumes deloitte aero inventory disciplinary hearing

| FRC resumes Deloitte Aero Inventory disciplinary hearing

This week sees the Financial Reporting Council (FRC) resume a disciplinary hearing of a formal complaint against Deloitte and one of its partners, John Clennett, relating to the auditing of Aero Inventory, the AIM-listed aeroplane parts manufacturer which went into administration in November 2009

10 Oct 2016

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Finance | IAASB amends ISA 250 to enhance auditor focus on non-compliance

The International Auditing and Assurance Standards Board (IAASB) has revised the ISA 250 auditing standard to improve auditor oversight of non-compliance with laws and regulations

6 Oct 2016

Corporate Governance

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