Finance | MoD’s financial blunder costs taxpayer £1.35bn

The National Audit Office (NAO) has criticised the Ministry of Defence (MoD) for poor financial management of three critical infrastructure projects on its nuclear-regulated sites

10 Jan 2020

Finance

Financial Reporting

Auditing

Corporate Governance

Finance | Revised internal audit code focuses on risk management

 A year on from the high profile corporate collapses of Carillion and Patisserie Valerie, the Chartered Institute of Internal Auditors (IIA) has issued an updated version of its voluntary code of practice for internal auditors

9 Jan 2020

Auditing

Corporate Governance

Finance | FRC criticises tick box mentality to Corporate Governance Code

The largest companies in the UK need to improve their standards of governance and focus on improving corporate culture rather than taking a box ticking approach to compliance, warns the Financial Reporting Council (FRC)

9 Jan 2020

Auditing

Corporate Governance

Finance | Audit updates: January 2020

In this month’s audit updates, Grant Thornton given £650,000 audit fine at unnamed company, FRC bans majority of non-audit services and audit investment drives down KPMG partner pay

2 Jan 2020

Auditing

Corporate Governance

Audit Regulations

Finance | SEC plans overhaul of audit independence rules

The US Securities and Exchange Commission (SEC) is planning to update and strengthen certain aspects of the auditor independence framework

2 Jan 2020

Auditing

Corporate Governance

Accounting Consultations

Finance | Revised ISA 315 to strengthen audit of material misstatement

The International Auditing and Assurance Standards Board (IAASB) has released the revised ISA 315 to tighten up the audit requirements for material misstatements in the event or fraud or error

24 Dec 2019

Auditing

Corporate Governance

Finance | CIPFA calls for independent regulator to oversee local audit

The Chartered Institute of Public Finance and Accountancy (CIPFA) has criticised the oversight of public sector audit, saying that since the abolition of the Audit Commission, quality has deteriorated 

23 Dec 2019

Auditing

Corporate Governance

Accounting Consultations

Finance | FRC extends Thomas Cook audit probe

The Financial Reporting Council (FRC) has widened its investigation into EY’s auditing of collapsed travel firm Thomas Cook Group to bring in 2017 financial statements

19 Dec 2019

Auditing

Corporate Governance

Business

Accountancy Firms

Finance | FRC bans majority of non-audit services in overhauled ethical standard

The Financial Reporting Council (FRC) has issued a major revision of the ethical standard for auditors banning them from providing most non-audit services to listed company clients to reduce conflicts of interest

17 Dec 2019

Auditing

Corporate Governance

Audit Regulations

Finance | FRC reporting reviews to focus on high risk sectors

The Financial Reporting Council (FRC) has set out plans to review the impact of the latest lease accounting and revenue recognition IFRS standards as part of its 2020/21 thematic reviews

16 Dec 2019

Finance

IFRS

Auditing

Finance | Professional scepticism in audit: part 1

Auditors must apply professional scepticism, but regulators frequently criticise them for failing to provide necessary evidence. In the first of a two-part series, Michelle Roberts ACA, Croner-i, hones in on the priorities for the profession

16 Dec 2019

Auditing

Corporate Governance

Leadership & Management

Finance | Execs at US brands company charged with fraud

The Securities and Exchange Commission (SEC) has charged brand-management company Iconix Brand Group and three of its former top executives with fraud, after an investigation found they had manipulated the company’s earnings

11 Dec 2019

Auditing

Corporate Governance

Finance | FRC fines GT £650k over audit lapses

Grant Thornton has been fined £650,000 by the Financial Reporting Council (FRC), reduced for cooperation, over failures in the 2016 audit of an unnamed publicly listed company, which included inadequate sampling, a lack of professional scepticism and insufficient documentation

10 Dec 2019

Auditing

Corporate Governance

Finance | Woolf: goodwill write-off periods must be limited

As the collapse of Carillion and Thomas Cook have shown, auditing goodwill and impairments can represent insurmountable problems for auditors, so maximum write-off periods for these intangibles could be the only solution, argues Emile Woolf

10 Dec 2019

Auditing

Audit Regulations

| BDO global revenues up 10%

BDO’s global revenues rose by 10% last year to hit $9.6bn (£7.3bn), with the international network completing more than 20 mergers and acquisitions including one of its biggest-ever, combining with Moore Stephens LLP to become the fifth largest firm in the UK

5 Dec 2019

Auditing