Finance | AQI 2022: PwC raises audit quality after significant investment

Big Four firm PwC has addressed a number of audit issues over the past year and has improved the quality of audit work with none requiring significant improvement in annual audit inspections

20 Jul 2022

Auditing

Corporate Governance

Finance | AQI 2022: Mazars must take urgent action to improve audit quality

Mazars has been heavily criticised over the quality of its audit work in the latest round of audit inspections by the Financial Reporting Council (FRC) with no progress on last year

20 Jul 2022

Auditing

Corporate Governance

Finance | AQI 2022: complexity of BDO portfolio led to sub-standard audits

A third of BDO audits inspected by Financial Reporting Council inspectors needed significant improvements with revenue recognition and challenge of management flagged as key problem areas

20 Jul 2022

Auditing

Corporate Governance

Finance | Quality of BDO and Mazars audits ‘unacceptable’, says FRC

Nearly one in five audits need improvement, with the quality of audit by BDO and Mazars labelled as ‘unacceptable’ by audit regulator's annual inspections

20 Jul 2022

Auditing

Corporate Governance

Finance | Charity audits: what you need to know

Sarika Sharma ACA sets out the key aspects to consider when undertaking charity audits from threshold limits to planning, the Charity SORP to ISA compliance

13 Jul 2022

Auditing

Corporate Governance

Business

Charities

Finance | UHY Hacker Young fined £217k over Laura Ashley audit failures

The Financial Reporting Council (FRC) has sanctioned UHY Hacker Young over the audit of Laura Ashley Holdings and barred the firm from taking on PIE audits for two years

13 Jul 2022

Auditing

Corporate Governance

Finance | FRC set to overhaul Corporate Governance Code

The Financial Reporting Council (FRC) plans to overhaul the Corporate Governance Code, introduce fraud reporting duties for directors and update the ethics standard for auditors

12 Jul 2022

Auditing

Corporate Governance

| Auditors failing to take climate change seriously

The auditors of FTSE 100 companies are not scrutinising environmental credentials and performance when auditing businesses, primarily as the issue is seen as beyond the scope of audit

11 Jul 2022

Auditing

HR | FRC addresses shortage of local audit staff

The Financial Reporting Council (FRC) has set out the professional training requirements for local sector auditors to expand opportunities for new auditors to address current staff shortages

1 Jul 2022

Auditing

Careers

| NAO plans recruitment drive to audit covid spending

The National Audit Office (NAO) plans to hire over 100 additional staff to support extra activity required to audit additional spending by government departments during the covid pandemic

30 Jun 2022

Auditing

Business

Accountancy Firms

Careers

Finance | Miner Polymetal hires joint auditors for £2.2m audit

FTSE listed mining company Polymetal International plc has hired two auditors to share contract after Big Four firm stood down

29 Jun 2022

Auditing

Corporate Governance

| Purplebricks extends audit deadline

AIM listed Purplebricks Group plc, the tech-led estate agency business, has delayed its annual results due to delays with the annual audit

29 Jun 2022

Auditing

| Auditors must improve professional judgment skills

The Financial Reporting Council (FRC) has published comprehensive professional judgment guidance for auditors to improve audit quality

27 Jun 2022

Auditing

Finance | ICAEW will monitor ISQM 1 compliance at firms

ICAEW has set out initial framework for how it will monitor compliance with the International Standard on Quality Management 1 (ISQM 1) rules set to come in this December

22 Jun 2022

Auditing

Corporate Governance

Audit Regulations

Business

Accountancy Firms

| EY plans $1bn investment in audit technology

EY is to invest $1bn (£820,000) in its global audit business by integrating various audit related technologies into a single platform to improve data analysis and the user experience

16 Jun 2022

Auditing

Business

Accountancy Firms

AI & Technology