Auditing

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Image for covid 19 ftse audit tenders face delays partner engagements extended

Finance | Covid-19: FTSE audit tenders face delays, partner engagements extended

The length of time an audit partner can remain in position without rotating off the client company can be extended on a temporary basis due to the ongoing covid-19 crisis, the Financial Reporting Council (FRC) has confirmed, while it is calling for a halt on company audit tender processes, reports Philip Smith

26 Mar 2020

Corporate Governance

Accountancy Firms

Leadership & Management

Image for covid 19 regulators issue joint guidance financial reporting and audit requirements

Finance | Covid-19: regulators issue joint guidance on financial reporting and audit requirements

The Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) have announced a series of changes to the timing and content of financial information and the audit work required, in response to the current crisis, reports Pat Sweet

26 Mar 2020

Corporate Governance

Accountancy Firms

Image for covid 19 frc considers delay audit quality inspections

Finance | Covid-19: FRC considers delay to audit quality inspections

The Financial Reporting Council (FRC) is closely monitoring the impact of covid-19 on audit quality inspections (AQI) as the US regulator suspends review work for 45 days, reports Philip Smith

25 Mar 2020

Corporate Governance

Accountancy Firms

Image for thomas cook collapse depletes travellers compensation fund

Finance | Thomas Cook collapse depletes travellers’ compensation fund

The collapse of Thomas Cook cost the government at least £156m, and has severely compromised the ability of the travel industry’s own compensation fund to cope with another operator’s failure, the National Audit Office (NAO) warns

19 Mar 2020

Corporate Governance

Accountancy Firms

Image for going concern and revised isa uk 570

| Going concern and the revised ISA (UK) 570

The importance of going concern cannot be underestimated when auditors review the financial viability of a business and complete the annual audit. David Duvall, senior technical writer at Croner-i, examines the key issues in the revised going concern audit standard

19 Mar 2020

Image for covid 19 frc advice auditors and financial reporting

Finance | Covid-19: FRC advice for auditors and financial reporting

The Financial Reporting Council (FRC) has updated its guidance for auditors, advising that reporting schedules may need to be delayed to ensure audits continue to comply with required standards

16 Mar 2020

Corporate Governance

Image for coronavirus what internal auditors need know

Finance | Coronavirus: what internal auditors need to know

At times of crisis internal auditors play a vital role advising on reputational risk and crisis management, explains Richard Chambers, president and CEO, Chartered Institute of Internal Auditors

10 Mar 2020

Corporate Governance

Accountancy Firms

Image for bdo replaces kpmg oxford instruments auditor

Finance | BDO replaces KPMG as Oxford Instruments auditor

FTSE 250 listed Oxford Instruments plc is planning to switch auditors, appointing its first mid-tier auditor BDO to replace incumbent KPMG after more than three decades

4 Mar 2020

Corporate Governance

Image for frc outlines plans radical big four separation

Finance | FRC outlines plans for radical Big Four separation

Plans to break up the Big Four audit firms are at the early stages but the regulator is aiming for an operational split of audit practices by 2022. Sara White interviews FRC head of audit firm supervision Claire Lindridge

4 Mar 2020

Corporate Governance

Accountancy Firms

Image for audit updates march 2020

Finance | Audit updates: March 2020

In this month’s audit updates, FRC loses Court of Appeal challenge over disputed Sports Direct documents, budget rise to fund recruitment drive at Financial Reporting Council, ARGA audit regulator on the agenda, and audit flip at Hill & Smith

2 Mar 2020

Corporate Governance

Accounting Consultations

Image for nao warns mod ps13bn overspend

| NAO warns MoD of £13bn overspend

The National Audit Office (NAO) has rated the Ministry of Defence’s (MoD’s) equipment plan for the next decade as ‘unaffordable’ and warns the department risks a £13bn overspend

28 Feb 2020

Accountancy Firms

Image for government committed setting arga audit regulator

Finance | Government committed to setting up ARGA audit regulator

The government has signalled its intention to set up a new audit regulator to replace the Financial Reporting Council FRC, despite the cabinet reshuffle which saw the business secretary replaced

24 Feb 2020

Corporate Governance

Image for frc loses legal challenge over sports direct documents

Finance | FRC loses legal challenge over Sports Direct documents

The Financial Reporting Council (FRC) has hit a legal stumbling block in its efforts to require Sports Direct to provide legally privileged documents as part of its probe into Grant Thornton’s auditing of the retailer’s 2016 accounts

19 Feb 2020

Corporate Governance

Audit Regulations

Image for frc warning coronavirus risk audits china

Finance | FRC warning on coronavirus risk to audits in China

The Financial Reporting Council (FRC) has contacted the Big Four firms to ask what contingency plans they have in place to handle audits for clients with offices in China, while ACCA postpones March exams in China

18 Feb 2020

Financial Reporting

Image for morris separating audit profession would restore trust

Business | Morris: separating audit profession would restore trust

Andy Morris, head of audit at Dains Accountants, shares his thoughts on the Brydon Report and what it means for the future of the auditing profession

17 Feb 2020

Accountancy Firms

Image for us may merge pcaob audit regulator sec

Finance | US may merge PCAOB audit regulator with SEC

The Trump administration has indicated it plans to abolish the Public Company Accounting Oversight Board (PCAOB), the US audit regulator, and roll its functions into the Securities and Exchange Commission (SEC) in its budget blueprint, although immediate action is unlikely

14 Feb 2020

Corporate Governance

Accountancy Firms

B&ADTV

Croner Intelligence - how do I know the AI produces reliable results?

Big changes coming to corporate reporting

Croner Intelligence: Workflows AI tool for drafting letters

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