Auditing

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| Audit updates: June 2014

The latest audit roundup from audit reform timetable in the UK to FRC head Sir Win Bischoff defends Big Four, while Worthington Nicholls auditor faces regulator disciplinary board

2 Jun 2014

Auditing

Finance | Oxfam former head of counter-fraud stole £64,000 from charity

Oxfam’s former head of counter-fraud has been given a jail sentence after using his position to steal more than £64,000 from the charity by submitting fake invoices for companies he controlled

29 May 2014

Finance | Andrew Marshall: where next for the audit report?

Audit reform is high on the agenda as firms come under pressure to deal with criticism from stakeholders and the public, but Andrew Marshall, senior technical partner at KPMG UK, sees opportunities to improve the quality of audit

29 May 2014

Auditing

Corporate Governance

Finance | AQI 2014: FRC calls on KPMG to tackle ethical issues

KPMG should do more to make sure all partners are complying with required ethical standards according to the Financial Reporting Council's (FRC) latest Annual Quality Inspection (AQI) report, which also wants the firm to take action on how it handles the audit of ‘letterbox’ companies

28 May 2014

Auditing

Corporate Governance

Finance | AQI 2014: FRC critical of EY handling of ‘letterbox’ company audits

The Financial Reporting Council (FRC) has downgraded EY’s performance in its latest Annual Quality Inspection Report compared to last year’s inspection, saying that the firm needs to do more in particular to improve its auditing of ‘letterbox’ companies

28 May 2014

Auditing

Corporate Governance

| NHS audit committees given wider powers of oversight

The government has announced proposals for new rules for audit committees in the health service, designed to strengthen their independence following the abolition of the Audit Commission’s oversight role.

13 May 2014

Auditing

Finance | Worthington Nicholls audit hearing set for 19 May - FRC

The Financial Reporting Council (FRC) has announced that its disciplinary hearing into the conduct of auditor Paul Newsham in connection with audits of the financial statements of the Worthington Nicholls Group (WNG) and its predecessor businesses, is due to start later this month

9 May 2014

Auditing

Corporate Governance

Accountancy Firms

Business | BDO tops FTSE AIM audits as KPMG extends share

The AIM audit market has undergone some changes at the start of the year, with BDO remaining the auditor with the largest share of AIM clients, while KPMG now has the most FTSE AIM 100 audits, according the latest survey from Adviser Rankings

9 May 2014

Auditing

Accountancy Firms

Finance | Audit updates: May 2014

European Parliament’s vote for audit reforms with 10-year rotation, FRC examines Cup Trust auditor Hillier Hopkins, KPMG takes over from Deloitte at Compass and Grant Thornton replaces Deloitte as Interserve auditor

1 May 2014

Auditing

Corporate Governance

Audit Regulations

Image for european audit reforms approved eu council

Finance | European audit reforms approved by EU Council

The Council of the EU has formally adopted the legislative package for the reform of the audit market in the EU announced earlier this month, which is intended to increase competition and transparency in the audit market

15 Apr 2014

Auditing

Corporate Governance

Finance | Global audit regulator says audit quality needs to improve

Audits of public companies around the world suffer from persistent deficiencies in critical audit areas according to a report by the International Forum of Independent Audit Regulators (IFIAR), which says firms’ failure to improve audit quality is raising increasing concern among international audit regulators

11 Apr 2014

Auditing

Corporate Governance

Finance | UK/Swiss regulators agree to cooperate on audit oversight

The Financial Reporting Council (FRC) and the Federal Audit Oversight Authority (FAOA) of Switzerland have signed an agreement to cooperate on the regulation and supervision of audit firms.

4 Apr 2014

Auditing

Corporate Governance

Audit Regulations

Image for european parliament votes audit reforms 10 year rotation

Finance | European Parliament votes for audit reforms with 10-year rotation

The European Parliament has voted in favour of long-awaited new regulations to reform statutory auditing and open up the EU audit services market, including mandatory rotation of auditors after ten years and a ban on Big Four-only clauses and the provision of some non-audit services to audit clients

3 Apr 2014

Finance | Audit updates: April 2014

The latest audit updates from Barclays plan to retender £45m audit to Scottish independence vote force banking groups to review company registrations

1 Apr 2014

Auditing

Corporate Governance

| Grant Thornton replaces Deloitte as Interserve auditor

Mid-tier firm Grant Thornton is to replace Deloitte as auditors for outsourcing group Interserve, bringing its share of the FTSE 250 audit clients to six.

27 Mar 2014