The Financial Reporting Council (FRC) has announced a three-month consultation on options for amending its framework of auditing and ethical standards for auditors, particularly on how to implement the EU's preferred 'blacklist' approach, in the light of the publication earlier this year of the EU Audit Directive and Regulation, which will have a significant impact on the UK's audit governance regime

The US Securities and Exchange Commission (SEC) has imposed sanctions on Baker Tilly Hong Kong Ltd and two accountants employed by the firm for failing to properly audit year-end financial statements of a Chinese company that the SEC has charged with fraud

Over 1,000 small bodies have had their accounts qualified in the previous year, according to the final report from the Audit Commission

KPMG has been put on notice that the firm’s 79-year relationship with Associated British Foods will come to an end next year, as the UK multinational food processing and retail specialist has signalled it is putting its external audit out to tender in response to new regulatory requirements

KPMG has signed a deal with Formula 1 racing giants, the McLaren Group, which will see the audit firm apply the high powered predictive analytics and technology normally used in Grand Prix races to improve its audit and advisory services

Security company G4S has become the latest FTSE 100 company to change its external auditor, with the announcement that the group intends to hire PwC to replace incumbent KPMG which has handled the audit since 2005

The Financial Reporting Council (FRC) wants to see the International Ethics Standards Board for Accountants (IESBA) strengthen requirements in its code of ethics for changes of personnel on audit engagements to address the lack of trust in auditor independence and scrutiny, and enhance confidence in the overall effectiveness and quality of audit

FTSE 100 drinks giant Diageo is the latest company to announce a change of auditor, with the appointment of PwC ending KPMG’s 17-year relationship with the company

The Quoted Companies Alliance (QCA) has published a revised audit committee guide for small and mid-sized quoted companies to encourage and improve levels of trust in business operations