Finance | Audit work by mid-tier firms ‘disappointingly’ poor, warns FRC

The quality of audit work at mid-tier firms has slid in the last year with problems related to estimates and judgments, journal testing and revenue recognition

19 Dec 2024

Finance

Auditing

Corporate Governance

Finance | Plan to ‘fix broken local audit’ and create regulator

As part of the devolution plan, the government has prioritised dealing with failing local audit market, setting up a new audit body and merging councils

17 Dec 2024

Finance

Auditing

Public Sector

Finance | Beowulf swaps to PKF for £106k mining audit

AIM listed Beowulf Mining has hired PKF Littlejohn, replacing BDO as the 10-year tenure comes up and after audit fees shot up 36%

16 Dec 2024

Finance

Auditing

Corporate Governance

Finance | Shell rehires EY for £55m audit after eight years

Oil giant Shell has re-appointed EY as auditor after a tender process which means the Big Four firm is likely to exceed the preferred 10-year tenure

13 Dec 2024

Finance

Auditing

Corporate Governance

Finance | ‘Need to get on with audit reform’ seven years after Carillion

Plans to introduce long-delayed legislation for audit reform will go ahead in the first half of 2025 but new ARGA audit regulator will not be in place before 2028

12 Dec 2024

Finance

Auditing

Audit Regulations

Corporate Governance

Finance | Crowe fined £1.1m for ‘seriously deficient’ Akazoo audits

The UK audit regulator has fined Crowe UK and the firm's current CEO a significant financial penalty and £500,000 of legal costs for extreme failures on the audits of music streamer Akazoo

10 Dec 2024

Finance

Auditing

Corporate Governance

Finance | Trifast hires RSM for £898k audit

Listed Trifast has completed a formal tender process to appoint RSM as external auditor after five years working with BDO

9 Dec 2024

Finance

Auditing

Corporate Governance

Finance | Big Four squeeze out mid-tier auditors as prices rocket

The Big Four auditors earn 98% of audit fees for the largest UK companies while clients face soaring costs with prices up 27% in a single year

5 Dec 2024

Finance

Auditing

Corporate Governance

Finance | Audit fees for top 500 businesses jump 14% to £1.45bn

The amount of audit fees paid by the UK’s 500 largest businesses rose 14% to £1.45bn in 2024, marking a 29% increase in audit fees in just two years

3 Dec 2024

Finance

Auditing

Corporate Governance

Finance | PSAA increases local audit fees by 9.5%

Public Sector Audit Appointments (PSAA) has set the fee scale for 2024/25 local audits applicable to local authorities, public sector bodies and the NHS with an inflation busting increase

2 Dec 2024

Finance

Auditing

Corporate Governance

Public Sector

Finance | NAO refuses to sign off government accounts for first time

For the first time ever, the audit watchdog has refused to sign off the latest whole of government accounts due to lack of ‘appropriate evidence to form an opinion’

28 Nov 2024

Finance

Financial Reporting

Auditing

Finance | Overhaul of ISA (UK) 600 Group audits: tips and advice

Whether you are a group auditor or the component auditor, have you factored in the revised ISA (UK) 600? John Selwood ACA takes a deep dive into the major changes

27 Nov 2024

Finance

Financial Reporting

Auditing

Audit Regulations

Finance | Anglo Asian hires BDO for £340k audit

AIM listed Anglo Asian Mining plc has hired BDO as statutory auditor, replacing Big Four firm EY, which had been auditor for over 10 years

27 Nov 2024

Finance

Auditing

Corporate Governance

Finance | FRC approves CIPFA Diploma in Local Audit

In a first for the audit regulator, the CIPFA Diploma in Local Audit is the first qualification to meet the criteria under the new pre-approved training system

22 Nov 2024

Finance

Auditing

Public Sector

HR

Careers

Training & CPD

Finance | Woking Council admits to ‘systemic failings’ over finances

In a heated meeting at Woking Council last night, Grant Thornton auditors were questioned about how they reached a finding of ‘potentially unlawful transactions’ over disastrous investments

21 Nov 2024

Finance

Auditing

Corporate Governance