Finance | Audit Scotland ramps up efforts to help reach net zero

Audit Scotland has announced that it will make climate change an audit priority and will use their ‘unique role’ as an auditor of the public sector to help Scotland reach its climate targets

23 Jun 2021

Auditing

Corporate Governance

Finance | Rentokil swaps KPMG for PwC as auditor

Only four  years since the last audit tender, listed pest control company Rentokil has dropped KPMG as its auditor after 12 years 

18 Jun 2021

Auditing

Corporate Governance

Finance | IDH swaps Big Four auditor as KPMG resigns

AIM listed healthcare company Integrated Diagnostics Holdings (IDH) is set to change auditor as KPMG resigns over control environment concerns

8 Jun 2021

Auditing

Corporate Governance

Finance | FRC revises ISA 240 auditing standard to address fraud risk

As the audit profession waits for the final details of the government’s proposed audit reforms, the Financial Reporting Council (FRC) has issued a revision of its UK auditing standard ISA (UK) 240 on the responsibilities of auditors relating to possible fraud

27 May 2021

Auditing

Corporate Governance

Audit Regulations

Finance | FRC auditor fines jump 180% to £25m in a year

The value of fines issued by the Financial Reporting Council (FRC) to auditors for poor quality audit rose 180% to just under £25m in the last year, up from £8.9m in the previous 12 months

26 May 2021

Auditing

Corporate Governance

Finance | Audit: relying on substantive analytical procedures

Kate Beeston ACA explains how to achieve reliance on substantive analytical procedures and highlights pitfalls and potential deficiencies in internal controls

26 May 2021

Auditing

Corporate Governance

| FRC flags misclassification errors in cash flow auditing

In a review of the quality of cash flow auditing, the Financial Reporting Council (FRC) has identified recurring errors in cash flow statements relating to misclassification between operating, investing, and financing activities

24 May 2021

Auditing

Finance | Will audit reform result in uptick in litigation against auditors?

As the government consults on a raft of audit reform, Paul Brehony, partner and Kate Gee, senior associate at Signature Litigation consider whether this will result in an anticipated uptick in post-pandemic litigation against auditors

24 May 2021

Auditing

Corporate Governance

Accounting Consultations

| FRC issues minor amendments to ISRE 2410 on interim reports

The Financial Reporting Council (FRC) has issued minor amendments to the audit rules for International Standard for Review Engagement (UK) 2410, but is holding back on any significant updates until the government's audit reforms are implemented

24 May 2021

Auditing

Finance | Revamped FRC will have oversight of public sector audit

As part of the government’s wide ranging reform of the audit market, the Audit, Reporting and Governance Authority (ARGA), which is set to replace the Financial Reporting Council (FRC) in 2023, will have new powers to oversee local government audit

20 May 2021

Auditing

Accounting Consultations

Finance | UHY Hacker Young sanctioned over IKKR audit failures

Mid-tier audit firm UHY Hacker Young has received a series of sanctions including a severe reprimand over failures relating to the statutory audit of Inch Kenneth Kajang Rubber plc (IKKR) for the financial year ended 31 December 2016

17 May 2021

Auditing

Corporate Governance

Finance | Haysmacintyre fined £70k over ABE audit failures

The Financial Reporting Council (FRC) has imposed sanctions against Haysmacintyre LLP and David Cox, audit engagement partner, in relation to the statutory audit of the financial statements of Associated British Engineering plc for the financial year ended 31 March 2018

12 May 2021

Auditing

Corporate Governance

Business

Accountancy Firms

| IAASB issues revised work plan on audit standards

After consultations with the Public Interest Oversight Board, the International Auditing and Assurance Standards Board (IAASB) has published a revised detailed work plan for the remainder of 2021, updated due to the impact of the pandemic

6 May 2021

Auditing

Finance | Baker Greggs names RSM as auditor

FTSE 250 listed high street bakery chain Greggs has announced a change of auditor with the appointment of RSM after decades using Big Four firm KPMG

29 Apr 2021

Auditing

Corporate Governance

Finance | Kilsby Williams appointed auditors for Poundstretcher

Welsh accountancy firm, Kilsby Williams, has been appointed to audit national retail chain Poundstretcher, replacing BDO, who resigned last October

22 Apr 2021

Auditing

Corporate Governance