Finance | Delays in local audit damage transparency, say MPs

MPs have criticised the length of delays in signing off public sector audits and failure to fully implement a new IT system

14 Oct 2022

Auditing

Corporate Governance

Finance | Direct Line Insurance hires KPMG for £2.6m audit

FTSE 100 listed Direct Line Insurance has swapped auditors with the appointment of Big Four firm KPMG

14 Oct 2022

Auditing

Corporate Governance

Finance | Public sector audit fees set for 150% hike

The latest round of audit appointments across the public sector has been completed with six audit firms taking on the business, but fees are soaring

6 Oct 2022

Auditing

Corporate Governance

| Revised ISA 600 calls for robust audit communications

The FRC has published a revised ISA (UK) 600 Special Considerations for auditors with a focus on better communication and material misstatement risks

28 Sep 2022

Auditing

Finance | Forensic auditors called in at Revolution Beauty

AIM listed Revolution Beauty Group plc, the multi-channel beauty retailer, has called in forensic accountants after BDO refused to sign off FY22 year end audit

23 Sep 2022

Auditing

Corporate Governance

Finance | Amigo lender hires MHA Macintyre Hudson auditors

Listed sub-prime lender Amigo Holdings has appointed MHA MacIntyre Hudson as auditors as it parts company with Big Four firm KPMG

7 Sep 2022

Auditing

Corporate Governance

Finance | Premier Foods swaps auditor KPMG for PwC

FTSE 100 listed Premier Foods has appointed PwC as auditor after a competitive tender which sees the £1m audit contract move between Big Four firms 

6 Sep 2022

Auditing

Corporate Governance

Finance | Fraud and the auditor - ISA (UK) 240

John Selwood ACA looks at the revised requirements of ISA (UK) 240 effective later this year and the auditor’s responsibilities in relation to fraud in an audit

24 Aug 2022

Auditing

Corporate Governance

| FRC publishes review of audit practice

Auditor reports have become too long and contain too much standardised and boilerplate disclosures 

17 Aug 2022

Auditing

Finance | KPMG quits as Alliance Pharma auditor

Big Four audit firm KPMG has resigned as auditor of FTSE listed Alliance Pharma over a dispute about corporate governance 

9 Aug 2022

Auditing

Corporate Governance

Companies

Business | PwC fined £1.75m over BT audit

The UK’s accounting watchdog fined PwC nearly £1.8m over claims it failed to challenge BT accounts following the discovery of a half-a-billion pound fraud within the telecommunications firm

8 Aug 2022

Auditing

Companies

Finance | FRC fines firms £46m for audit failures

The Financial Reporting Council (FRC) has issued a record £46.5m in financial sanctions against audit firms for misconduct and breaches of standards in auditing in the last year

28 Jul 2022

Auditing

Corporate Governance

Finance | AQI 2022: Grant Thornton spends on training to improve audit quality

Grant Thornton may have pulled out of tendering for new listed audits but the latest audit quality inspection cycle reviewed five contracts, with none requiring significant improvements

22 Jul 2022

Auditing

Corporate Governance

Finance | AQI 2022: Deloitte improves audit quality but group audits problematic

Deloitte has shown improvement across the board in the annual audit quality inspection (AQI) cycle, but still needs to focus on improving the quality of group audits and closer adherence to the Ethical Standard

21 Jul 2022

Auditing

Corporate Governance

Finance | AQI 2022: EY auditors hauled up over revenue recognition

A third of EY audits required improvements in the latest FRC audit quality inspections, with revenue recognition, management challenge and need for more staff coaching flagged as issues of concern 

21 Jul 2022

Auditing

Corporate Governance