The Financial Conduct Authority (FCA) continues to have deficiencies in the way in which it handles crisis management, external communications and market sensitive issues according to the Treasury select committee’s review of the regulator’s internal audits, with MPs vowing to keep a ‘close eye’ on its performance

FRC to investigate KPMG in light of HBOS audit, NAO slams use of public sector consultants across government as bill soars, Grant Thornton faces probe into telecoms company Globo audit issues

The government is to raise the audit exemption threshold to the maximum allowed under the EU’s Audit Regulation and Directive (ARD), dismissing claims from the accountancy profession and others that this would pose a risk to financial reporting 

Public transport specialist Stagecoach Group has appointed EY as its external auditors, replacing PwC who have held the position for over a decade

In our monthly roundup of developments in audit and governance, FCA fines Barclays £72m for risk failures, Balfour Beatty and Segro switch auditors, and SEC rap for Grant Thornton US over audit irregularities

In a fast changing audit environment, Sarah Perrin ACA asks the experts how new EU rules will affect key stakeholders when the Audit Directive and Regulations (ARD) are introduced in June 2016 in the UK enforcing changes to audit tender processes, audit rotation and blacklisting of a proportion of non-audit services

In our monthly roundup of audit news, SFO drops Olympus charges over role of auditors, recognised supervisory body (RSB status) for ICAEW, Go-Ahead Group hires Deloitte and Kids Company slated for audit failures

Audit rule changes under the EU Audit Regulation Directive (ARD) are forcing audit firms to consider whether the public interest entity audit marketplace is really for them, says Jane Fowler, director of ethics and regulatory compliance, BDO

MPs have accused partners from PKF Littlejohn and Kingston Smith of operating with ‘their eyes wide shut’ in their audits of the failed charity Kids Company, saying their ‘tactical’ approach meant taxpayers’ money was put at risk and they overlooked clear signs of financial problems which should have been highlighted to government. Pat Sweet reports on the Public Administration and Constitutional Affairs (PACA) committee hearing

The imminent overhaul of audit regulations is forcing a major behavioural change to the audit selection process, says Hywel Ball, managing partner of assurance and UK head of audit, EY