Finance | One in four audits need improvement, says ICAEW

A quarter of audits for non-listed company audits reviewed by the ICAEW were judged as sub standard, requiring improvement, according to the ICAEW

20 Dec 2021

Auditing

Corporate Governance

| Crowe named leading auditor in £30.7m charity audit market

For the thirteenth year, audit, tax, advisory and risk firm, Crowe, has been named the top charity auditor in Civil Society’s Charity Finance Audit Survey for 2021, followed by Big Four firms Deloitte and PwC

10 Dec 2021

Auditing

Finance | Can challenger firms compete for audit share?

Attempts to open up the audit market to wider competition and encourage mid-tier firms to tender for listed audits has not produced the expected results, warn Paul Brehony, partner and Kate Gee, counsel at Signature Litigation LLP

9 Dec 2021

Auditing

Corporate Governance

| Greenpeace criticises rehire of auditors that ignore climate risks

Greenpeace has criticised FTSE 100 and FTSE 250 companies that continue to reappoint auditors that fail to address climate risks in their financial reports 

30 Nov 2021

Auditing

Finance | Official Receiver files £230m claim against KPMG auditors

The Official Receiver is reported to have launched a £230m legal claim against KPMG, the auditor of collapsed construction firm Carillion

22 Nov 2021

Auditing

Corporate Governance

Finance | Auditors fail to challenge management when performing audits

Auditors need to improve their levels of professional scepticism and challenge of management to meet standards for audit set out by the Financial Reporting Council (FRC) 

18 Nov 2021

Auditing

Corporate Governance

Finance | Aviva to swap £15.5m audit to EY

FTSE 100 insurer Aviva plc plans to appoint EY as its auditor for the financial year ending 31 December 2024, subject to shareholder approval at the 2024 annual general meeting

18 Nov 2021

Auditing

Corporate Governance

Finance | Auditors must improve quality of audit work, says FRC

Audit firms need to ensure they are delivering high quality audit including critical assessment, management challenge and strong leadership, says the audit regulator

16 Nov 2021

Auditing

Corporate Governance

Finance | Using tests of details to obtain audit evidence

Michelle Roberts ACA, audit writer at Croner-i, explains what tests of details are and how to use them to obtain audit evidence and identify material misstatements taking into account ISA (UK) 330

10 Nov 2021

Auditing

Corporate Governance

Finance | How important are company audits for businesses in the early stages?

Performing a statutory audit provides clarity for stakeholders and transparency for banking relationships so even smaller businesses should consider regular audits, explains Andrew Millet, director at Wisteria Accountants

8 Nov 2021

Auditing

Corporate Governance

Finance | HMRC collected £27.9bn less tax

The government saw a 4.4% decline in tax revenues over the latest financial year as a result of the pandemic, according to HMRC’s annual accounts

5 Nov 2021

Auditing

Corporate Governance

Finance | Grant Thornton fined £718k over Interserve audit failures

The Financial Reporting Council (FRC) has fined mid-tier firm Grant Thornton £1.3m over audit failures over the audits of the financial statements of Interserve plc for three years of audits

1 Nov 2021

Auditing

Corporate Governance

Finance | Third of public sector audits inspected need improvements

A third of audits of local bodies, including health trusts and local government authorities, require improvements after the latest regulator inspection reports

29 Oct 2021

Auditing

Corporate Governance

Finance | BDO hired as auditor for Sanderson Design Group

AIM listed luxury interior design and furnishings group Sanderson Design Group has hired BDO as auditor replacing Big Four firm PwC

27 Oct 2021

Auditing

Corporate Governance

| Auditors call for stronger audit process on fraud

As auditors attempt to restore trust in the profession, auditors explain what is needed to improve the audit industry particularly by spotting fraud, in the latest report by the Association of Chartered Certified Accountants (ACCA)

21 Oct 2021

Auditing