The Financial Reporting Council (FRC) has issued revised guidance for credit union auditors in Ireland for the audits of accounts for the year ending on 30 September 2016

Changes to UK rules on audit are set to come into force in June with the introduction of the new Audit Regulations and Directive (ARD) into UK law, following EU attempts to raise the quality and scrutiny of annual audits and increase competition among audit firms

In this month's roundup of key audit developments, internal audit leads to SFO probe at Tata Steel in Yorkshire, FRC deadline for KPMG audit report into HBOS set for spring 2016, PwC buys media auditing firm and EY loses Weir Group audit

The Financial Reporting Council (FRC) has issued final drafts of revised International Standards on Auditing (ISAs) covering audit requirements and amendments in light of the imminent implementation of the EU Audit Regulations and Directive (ARD) in the UK this June, affecting two thirds of existing standards 

In part 4 of the EU audit reform series, Alex Barnes, partner at Moore Stephens LLP, highlights contractual issues firms must grapple with due to services prohibited by the controversial blacklist under the clampdown on non-audit services

The Financial Reporting Council (FRC) has published its budget and levy rates for 2016/17, announcing a 14% rise in annual levies for financial institutions and listed companies to meet increased costs to fund its new role as competent authority for audit regulation under the EU Audit Regulation and Directive (ARD)

The Vatican has temporarily suspended PwC’s external audit of its finances, the first by a non-Italian auditor, after four months amid concerns over potential ‘irregularities’ on the Holy See’s part in the signing of the original contract

The Corporate Reporting Dialogue (CRD), a group of eight major standards organisations, has released a statement clarifying the common principles of materiality, as part of moves to encourage greater coherence, consistency and comparability between corporate reporting frameworks, standards and related requirements globally

The Financial Reporting Council (FRC) is set to publish a report on KPMG’s work as auditors of HBOS in the run up to the bank’s collapse in the 2008 crisis in the next few weeks, according to information given to the Treasury select committee, which has been pressing the regulator to take action

Global views on the future of audit are so diverse that countries cannot reach consensus on how quickly to introduce changes which some jurisdictions feel are long overdue, with a marked divide between countries where audit is still developing and those where it is long established, according to research by ACCA and Grant Thornton

WS Atkins has signalled its intention to appoint KPMG as its independent auditor, ending the multinational listed engineering company’s 20-year relationship with Big Four competitor, PwC