Artificial intelligence can transform the way audit is conducted, increasing precision and removing manual tedium, says Ricardo Gameroff, managing partner at Kreston BA Argentina
KPMG UK plans to roll out enhanced AI functionality to the audit practice following a strategic alliance with Databricks, a data and artificial intelligence (AI) specialist
The Chartered Governance Institute has called on business secretary Kemi Badenoch not abandon audit reform, pointing to a ‘colossal’ waste of time and ‘public money’ on numerous reports and plans
The government is taking radical action to introduce a final cut-off date this September to get rid of the ‘unacceptable’ backlog of late local authority audits
A specialist travel audit firm Tiffin Green has been cleared of charges of audit negligence after a High Court case brought by Ickenham Travel Group failed despite competence issues
Big Four firms continue to dominate the listed audit market as smaller firms cannot compete due to staff shortages and limited resources, while many are simply not interested in the highly regulated sector
Poor performance by audit firms led to the regulator issuing record fines of £33.2m for audit misconduct in 2022-23, up slightly from £32.8m the previous year
Richard Moriarty, CEO of the Financial Reporting Council (FRC) has defended the regulator’s investigations into audit firm misconduct saying ‘fear of enforcement sanctions’ will not make the regulator ‘disinterested’
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