| FTSE 100 audit fees hit £911m

Audit fees at FTSE 100 companies have reached a new high, totalling £911m in 2019, up from £892m the previous year, in response to pressure from regulators for firms and their clients to invest more in core auditing activity

24 Aug 2020

Auditing

Business

Companies

Accountancy Firms

| Lookers delays accounts as £19m probe widens

Listed car dealership admits no longer possible to release 2019 financial statements by end of August as scope of audit widens following Grant Thornton investigation into accounts blackhole

20 Aug 2020

Auditing

Finance | Covid-19: revenue considerations for accountants and auditors - CPD module - NEW

This month's exclusive Accountancy Daily CPD module focuses on how accountants and auditors will need to pay close attention to how revenue is treated in the accounts as companies prioritise generating revenue to overcome the pandemic

3 Aug 2020

Finance

Accounting Standards

Financial Reporting

Auditing

Business

Companies

Accountancy Firms

Training & CPD

Finance | FRC fines BDO £200,000 over insurance audit failings

BDO has been fined £200,000 and sanctioned by the Financial Reporting Council (FRC) for lapses in its auditing of insurer AmTrust Europe Ltd (AEL), which included failing to report its evaluation of independent experts’ assessments

29 Jul 2020

Auditing

Corporate Governance

Finance | Companies need to enhance Covid-19 reporting

Companies need to do more to explain the impact of Covid-19 on their performance, according to the first Financial Reporting Council (FRC) thematic review of company reporting since the onset of the pandemic

21 Jul 2020

Auditing

Corporate Governance

Business

Companies

Accountancy Firms

Finance | FRC reports ‘significant progress’ on transformation

The Financial Reporting Council (FRC) has had a year of ‘significant progress’ in implementing its transformation into a new regulatory body, but has been hampered by the lack of legislation and recruitment challenges, according to its latest annual report and accounts

20 Jul 2020

Finance

Auditing

Corporate Governance

Business

Accountancy Firms

Finance | FTSE 250: firms in fees bonanza amid regulatory scrutiny

The long-expected hike in audit fees has finally come to pass, with FTSE 250 companies now paying on average 14% more this year to their auditors than last year, while challenger firms are beginning to make inroads, reports Philip Smith

20 Jul 2020

Auditing

Corporate Governance

Business

Accountancy Firms

Finance | FRC ends part of Mitie investigation

The Financial Reporting Council (FRC) has closed one element of its probe into accounting issues at FTSE 250 outsourcer Mitie Group, having concluded there is insufficient evidence, but is continuing its separate investigation into Deloitte’s auditing of the company

16 Jul 2020

Auditing

Corporate Governance

Finance | AQI 2020: FRC’s audit rating of top firms

Accountancy Daily has consolidated FRC’s annual audit quality inspection cycle of the Big Four and mid tier firms, find the full details below

16 Jul 2020

Auditing

Corporate Governance

Finance | Health warning over NHS Wales finances

The Auditor General has sounded an alarm about NHS finances in Wales, after four of the seven health boards once again failed to meet their financial duty to break-even over a three-year period, according to a review of their 2019-20 accounts

16 Jul 2020

Auditing

Corporate Governance

Finance | AQI 2020: Mazars improves on previous year at time of growth

The FRC is calling on mid-tier firm for extra rigour as it takes on larger and more complex audits

15 Jul 2020

Auditing

Corporate Governance

Finance | AQI 2020: Grant Thornton branded ‘unacceptable’ despite increased scrutiny

FRC’s AQI report finds only 55% of audits at mid-tier firm require no more than limited improvements following dire 2019 report

15 Jul 2020

Auditing

Corporate Governance

Finance | AQI 2020: Deloitte best performer of Big Four

Deloitte leads the Big Four as having the fewest audits judged to need improvements in the Financial Reporting Council’s (FRC’s) latest review, and is the only firm to have hit the regulator’s target of 90% of FTSE 350 audits meeting the required quality standard

15 Jul 2020

Auditing

Corporate Governance

Finance | AQI 2020: a third of PwC audits needed improvements

A third of the PwC audits reviewed by the Financial Reporting Council (FRC) in this year’s audit quality inspection (AQI) were judged to require improvement, with the level of challenge to management on cash flow forecasting highlighted as below expectations

15 Jul 2020

Auditing

Corporate Governance

Finance | AQI 2020: BDO in dock for revenue audit failings

FRC urges ‘robust action’ as audit quality takes a backwards step at mid-tier firm with only 63% of audits up to scratch

15 Jul 2020

Auditing

Corporate Governance