Auditing

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Finance | EU auditors warn of ‘significant non-compliance’ with state aid rules

The audit authorities in individual EU member states are not doing enough to monitor and identify potential infringements of the state aid rules in their financial reporting of key projects, according to a report from the European Court of Auditors (ECA) which identified problems with 20% of the projects assessed

4 Oct 2016

Corporate Governance

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| Audit updates: October 2016

In our monthly roundup of developments in audit and governance, PwC fined £2.3m over Cattles audit, KPMG face tribunal over Equity Red Star, BDO takes over Image Scans Holdings audit

3 Oct 2016

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Finance | Woolf: leasing rules create unnecessary change

Emile Woolf FCA expresses his frustration at the accounting and audit standard settors over the unecessary changes made by the latest leasing rules

29 Sep 2016

Corporate Governance

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Finance | CIIA review of code for internal audit in financial services

The Chartered Institute of Internal Auditors (CIIA) has launched a consultation as part of an independent review of its code for effective internal audit in the financial services sector, in a move to address governance concerns which has been welcomed by Ed Balls, former shadow Chancellor, as a ‘vital part of improving the City’s risk management’

28 Sep 2016

Corporate Governance

Accounting Consultations

Image for icas and frc warn about audit skills gap

| ICAS and FRC warn about audit skills gap

The skillset of auditors needs to develop to prevent an audit skills gap, if not the audit profession is in risk of becoming less relevant, according to a report by ICAS and the Financial Reporting Council (FRC)

26 Sep 2016

Accountancy Firms

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Finance | Audit risk: thinking outside the box

Concepts of risk, control, data and analysis are changing with potentially far reaching effects for audits of all sizes, particularly in light of plans for an overhaul of ISA 315, says Katharine Bagshaw FCA

26 Sep 2016

Corporate Governance

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| IAASB reviews use of data analytics in audit

The International Auditing and Assurance Standards Board (IAASB) has issued a consultation on the use of data analytics in the audit of financial statements

21 Sep 2016

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Finance | EY fined $9.3m over US partners’ ‘too close’ client relationships

EY has agreed to pay $9.3m (£7m) to settle charges that two of the firm’s audit partners got too close to their clients on a personal level and violated the rules regarding objectivity and impartiality during audits, the first time the US regulator has taken enforcement action over personal relationships compromising the independence of an audit

20 Sep 2016

Corporate Governance

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| PwC Switzerland scores with FIFA audit

World football governing body FIFA, which has been hit by allegations of corruption and financial irregularities, has appointed PwC Switzerland as its statutory auditor following the resignation of previous auditors KPMG three months ago

19 Sep 2016

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| FRC analysis of audit deficiencies shows improvements at firms

The Financial Reporting Council (FRC) has published a thematic review on the subject of the root cause analysis (RCA) performed by audit firms relating to unsatisfactory audit inspection findings, which says all those firms inspected are improving but more planning and consistency in processes is required

19 Sep 2016

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Finance | Audit firms and client relationships in conflict

Tight audit fees coupled with alternative revenue streams is causing conflicts of interest at the Big Four audit firms, but what is the future for audit, asks Calum Fuller, assistant editor of Accountancy

7 Sep 2016

Corporate Governance

Accountancy Firms

Image for kpmg faces disciplinary tribunal over equity red star audit

| KPMG faces disciplinary tribunal over Equity Red Star audit

KPMG and two of its audit partners who are ICAEW members, plus a CIMA member, are to face a disciplinary tribunal over their handling of the audit of Lloyd’s Syndicate 218 (Equity Red Star), a specialist motor insurer, following an investigation by the Financial Reporting Council (FRC)

7 Sep 2016

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Finance | Audit updates: September 2016

News in the audit sector includes Irish regulator eyes up EY over Anglo Irish bank audit, FRC releases first dedicated audit firm governance code, BEIS confirms FRC status as audit competent authority

1 Sep 2016

Corporate Governance

Image for frc fines pwc ps23m over defective cattles audit

Finance | FRC fines PwC £2.3m over defective Cattles audit

PwC has been fined £2.3m by the Financial Reporting Council (FRC) over failures in its audit of sub-prime lender Cattles and its operating subsidiary Welcome Financial Services Ltd (WFS), while former audit partner Simon Bradburn has been severely reprimanded and given a £75,000 fine

31 Aug 2016

Audit Regulations

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Finance | Woolf: BHS audit questions raise oversight concerns

Between the BHS scandal and further Brexit fallout, Emile Woolf FCA is struggling to recognise the profession he grew up in, although Enron was just one scandal which rocked the auditors and regulators in the not so recent past

30 Aug 2016

Corporate Governance

Image for ifac interactive tool profiles accounting rules member countries

Finance | IFAC interactive tool profiles accounting rules in member countries

The International Federation of Accountants (IFAC) has published an interactive tool providing detailed country profiles of member organisations, regulators and professional accounting institutes detailing compliance with global and local audit and accounting legislation, regulation and oversight in 50 countries

26 Aug 2016

Accounting Standards

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Corporate Governance

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