| Majority of digital annual reports not up to scratch

In a review of 50 early annual reports presented in a structured electronic format a majority fell short of the quality standards expected, the Financial Reporting Council’s (FRC) LAB has found

14 Oct 2021

Auditing

| Why have a voluntary audit?

For companies exempt from preparing an audit, there are various alternatives for reporting on assurance of financial statements. John Selwood ACA explains the different options and how these compare to an audit

13 Oct 2021

Auditing

Finance | KPMG accused of ‘untruthful’ defence over Silentnight

The Financial Reporting Council (FRC) has accused KPMG and ex partner David Costley-Wood of being ‘untruthful’ in its defence of the Silentnight audit investigation

13 Oct 2021

Auditing

Corporate Governance

Audit Regulations

| Deloitte faces investigation over Essar Oil audits

Deloitte is reportedly under investigation by the ICAEW for the audits of Essar Oil UK

8 Oct 2021

Auditing

Finance | Tesco settles accounting scandal with £93m payout

According to its annual report, in July 2020 Tesco handed out a £93m settlement payment to two shareholder litigation claims in connection with the 2014 accounting scandal

7 Oct 2021

Auditing

Corporate Governance

Business

Companies

Accountancy Firms

| FRC to probe French Connection auditors Mazars

The Financial Reporting Council (FRC) has announced today that it has launched an inquiry into accountancy firm Mazars over its audit of retailer French Connection’s full-year financial results

6 Oct 2021

Auditing

| FRC launches inquiry into Akazoo audits by Crowe UK LLP

The Financial Reporting Council (FRC) has announced today that it has launched an investigation into the audit of Akazoo Ltd by Crowe UK LLP

4 Oct 2021

Auditing

Finance | Grant Thornton fined £2.3m over Patisserie Valerie audit

The Financial Reporting Council (FRC) has imposed substantial sanctions against Grant Thornton UK LLP and David Newstead, audit engagement partner, over the audit of Patisserie Holdings plc for the financial years ended 30 September 2015, 2016 and 2017

27 Sep 2021

Auditing

Corporate Governance

Finance | Cyber attacks and financial liquidity biggest risk for auditors

The threat of cyber attacks, data security and financial stability are top priorities for internal auditors, with climate change well down the list of key risks and concerns

21 Sep 2021

Auditing

Corporate Governance

Finance | FRC advisory focuses on insurance audits

The Financial Reporting Council (FRC) has contacted actuarial advisers to inform them of the importance of working with auditors of insurance companies to ensure financial data is accurate

13 Sep 2021

Auditing

Corporate Governance

Finance | Audit reform and SMEs: an uphill struggle

Paul Winrow, partner at MHA, says although many of the UK government’s audit and corporate governance reform proposals are appropriate there is a danger the government is neglecting SMEs by focusing too much on the public interest entity (PIE) market

7 Sep 2021

Auditing

Corporate Governance

| FRC announces formal complaint against KPMG

The Financial Reporting Council (FRC) has announced that it has launched a Formal Complaint against KPMG and others regarding the allegedly false and/or misleading information provided to them in Carillion and Regenersis audit quality inspections

1 Sep 2021

Auditing

Business

Accountancy Firms

| FRC issues auditor guidance on anomalies in data analytics

The Financial Reporting Council (FRC) has issued guidance for auditors on addressing potential exceptions when using data analytics in an audit

31 Aug 2021

Auditing

Finance | EY fined £3.5m over Stagecoach audit failures

Big Four audit firm EY and audit engagement partner Mark Harvey have been handed a fine of £3.5m from the Financial Reporting Council (FRC) for audit failures relating to the Stagecoach audit in 2016-17

25 Aug 2021

Auditing

Corporate Governance

Audit Regulations

| AAT reports £7.8m surplus in income reserve

The Association of Accounting Technicians (AAT) has released its annual report which showed a £7.8m surplus in the membership body’s income reserve level

13 Aug 2021

Auditing

Business

Companies

Accountancy Firms