Auditing

Latest news

Finance | Deloitte flush with audit win at Wolseley as ends 50-year PwC link

Leading plumbing and heating distributor Wolseley has washed its hands of PwC after more than 50 years and has appointed Deloitte as its auditors after completing a formal tender process, reports Pat Sweet

23 Jun 2015

Auditing

Corporate Governance

Image for aqi 2015 ey rapped breaches ethical standards lack oversight

Finance | AQI 2015: EY rapped for breaches of ethical standards, lack of oversight

Continuing breaches of ethical standards and a lack of oversight by audit partners continues to be a problem in audit work conducted at Ernst & Young, with two audits singled out as in need of significant improvement in the latest Financial Reporting Council’s (FRC) audit quality inspection (AQI) report into 16 audits performed by the firm, reports Sara White

29 May 2015

Auditing

Corporate Governance

Image for aqi 2015 third uk audits inspected fail meet aqi standards set frc

Finance | AQI 2015: Third of UK audits inspected fail to meet AQI standards set by FRC

A third of audits inspected are below standard and many require significant improvements to quality, while fair value and supplier agreements are singled out as areas of concern together with the rapid pace of regulatory change according to the Financial Reporting Council's (FRC) latest annual audit quality inspections (AQI), reports Sara White

29 May 2015

Auditing

Corporate Governance

Image for aqi 2015 deloitte needs improve audit policies and procedures

Finance | AQI 2015: Deloitte needs to improve audit policies and procedures

Deloitte has improved the quality of its audits over the last year but still needs to improve its policies and procedures, tighten up its internal audit quality monitoring, provide better training for audit teams and rely less on IT systems and IT-generated data when auditing companies, according to the latest FRC Audit Quality Inspection (AQI) report, reports Sara White

29 May 2015

Auditing

Corporate Governance

Finance | FRC advice for audit committees in evaluating audit quality

The Financial Reporting Council (FRC) has issued guidance notes to assist audit committees in evaluating audit quality in their assessment of the effectiveness of the external audit process

29 May 2015

Auditing

Corporate Governance

Image for woolf unstoppable tide regulation undermines audit quality

Finance | Woolf: unstoppable tide of regulation undermines audit quality

Regulation and compliance can waste valuable audit time and dilute the benefits and value of audits, says Emile Woolf FCA

21 May 2015

Auditing

Corporate Governance

Finance | FRC releases feedback statement on regulation of auditors of local bodies

The Financial Reporting Council (FRC) has published regulations and guidance regarding its responsibilities under the Local Audit and Accountability Act 2014 and a feedback statement to recognised supervisory bodies (RSBs) on the approval of key audit partners for local audit

18 May 2015

Auditing

Corporate Governance

Audit Regulations

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Finance | Mitchell: EU Audit Directive and effect of NAS restrictions

The clampdown on the percentage of non-audit services (NAS) under the EU Audit Directive, currently out to consultation, will create a white list of accepted services which auditors can perform, which in the long term should strengthen audit committees, says Nikki Mitchell, audit partner, FTSE 100, at Deloitte

28 Apr 2015

Auditing

Corporate Governance

Accounting Consultations

Finance | ICSA guidance note on good practice for annual reports

The Institute of Chartered Secretaries and Administrators (ICSA) has published a guidance note on good practice for annual reports which sets out what, in their view, makes a good annual report

23 Apr 2015

Auditing

Corporate Governance

Finance | IESBA strengthens code of ethics to reinforce auditor independence

The International Ethics Standards Board for Accountants (IESBA) has made changes to the auditors’ code, to enhance the independence provision of the Code of Ethics for Professional Accountants (the Code)

15 Apr 2015

Auditing

Corporate Governance

Image for deloitte fine cut ps3m long running mg rover disciplinary appeal

Finance | Deloitte fine cut to £3m in long-running MG Rover disciplinary appeal

Deloitte has been given a reprieve in the long-running tribunal hearing into MG Rover Group, as it is given a £3m fine, reduced substantially from the initial threat of a £14m fine, which would have been the largest disciplinary fine handed out in the UK to the audit profession

13 Apr 2015

Auditing

Corporate Governance

Image for woolf prudent accounting needed more ever

Finance | Woolf: prudent accounting is needed more than ever

Ever more complex accounting standards created by self-appointed accounting standard-setters mean that prudence has been given a bad name, fair value is increasingly ignored and and there's a lack of audit governance, says Emile Woolf FCA

8 Apr 2015

Auditing

Corporate Governance

Finance | Audit updates: April 2015

In our monthly roundup of audit news and developments, from the IFIAR audit quality probe of the Big Four firms to audit switches at Whitbread and British American Tobacco, and legal analysis by Gateley LLP experts of the Bannerman clause, in the Barclays Bank plc v Grant Thornton LLP [2015] EWHC 320 (Comm) Von Essen Hotels Limited case

1 Apr 2015

Auditing

Corporate Governance

Image for grant thornton facing C2 A349m negligence claim manchester building society

Finance | Grant Thornton facing £49m negligence claim from Manchester Building Society

Manchester Building Society Group (MBS) has announced it is claiming more than £49m from Grant Thornton (GT) for breach of contract, negligence and breach of statutory duty relating to audit services and advice provided in the years from 2006 up to and including 2013, at which point GT resigned as the society’s external auditors

16 Mar 2015

Auditing

Corporate Governance

Finance | BIS publishes supplementary information on auditor regulation consultation

The Department for Business, Innovation & Skills (BIS) has released a supplementary document containing legal information about the auditor tendering and rotation framework which forms part of its consultation on the implications of the EU and wider reforms of statutory auditor regulation.

10 Mar 2015

Auditing

Corporate Governance

Accounting Consultations

Image for woolf fair disclosure failures continue haunt auditors

Finance | Woolf: fair disclosure failures continue to haunt auditors

A lack of transparency in annual accounts leaves auditors under a continuing cloud six months after the Tesco accounting irregularities over supplier income reporting, says Emile Woolf FCA

6 Mar 2015

Auditing

Corporate Governance

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Latest news

Finance | Deloitte flush with audit win at Wolseley as ends 50-year PwC link

Finance | AQI 2015: EY rapped for breaches of ethical standards, lack of oversight

Finance | AQI 2015: Third of UK audits inspected fail to meet AQI standards set by FRC

Finance | AQI 2015: Deloitte needs to improve audit policies and procedures

Finance | FRC advice for audit committees in evaluating audit quality

Finance | Woolf: unstoppable tide of regulation undermines audit quality

Finance | FRC releases feedback statement on regulation of auditors of local bodies

Finance | Mitchell: EU Audit Directive and effect of NAS restrictions

Finance | ICSA guidance note on good practice for annual reports

Finance | IESBA strengthens code of ethics to reinforce auditor independence

Finance | Deloitte fine cut to £3m in long-running MG Rover disciplinary appeal

Finance | Woolf: prudent accounting is needed more than ever

Finance | Audit updates: April 2015

Finance | Grant Thornton facing £49m negligence claim from Manchester Building Society

Finance | BIS publishes supplementary information on auditor regulation consultation

Finance | Woolf: fair disclosure failures continue to haunt auditors