| Audit updates: December 2019

In this month’s audit updates, Deloitte partner fined over Serco misconduct, PwC fails to strike out multimillion euro claim, audit switches at BHP, ITV and Staffline, FRC considers fixed fees as audit quality declines, MPs slam audit automatons, and ethics code leads to ISA changes

2 Dec 2019

Auditing

Finance | Internal audit: compliance and risk management

Internal audit can exist in many shapes and sizes, but one crucial point is that this function should not operate in isolation. Armoghan Khan ACA, head of internal audit at Aetna International, looks at how to maximise the interaction of internal audit and wider business needs

27 Nov 2019

Auditing

Corporate Governance

Finance | De La Rue issues warning on material uncertainty

Listed bank note printer De La Rue has issued a warning in its half year report about going concern issues due to escalating operating losses and a threat to banking covenants

26 Nov 2019

Finance

Financial Reporting

Auditing

Finance | FRC issues revised Client Asset Assurance Standard (CASS)

The Financial Reporting Council (FRC) has issued a revised standard for the audit of client assets, outlining rules for conforming with FCA rules and stressing the importance of independent judgment and scepticism

26 Nov 2019

Auditing

Corporate Governance

Finance | PwC snaps up £1.5m ITV audit contract

FTSE 100 broadcaster and media giant ITV has appointed PwC as auditor from 2021 replacing Big Four rival KPMG

21 Nov 2019

Auditing

Corporate Governance

Finance | Deloitte plans independent scrutiny of auditor pay

Deloitte has struck out ahead of its Big Four rivals with plans to ring-fence auditor pay and governance, in response to concerns about potential conflicts of interest

21 Nov 2019

Auditing

Corporate Governance

Finance | Grant Thornton takes on £1.8m Staffline audit

AIM-listed recruitment group Staffline has hired Grant Thornton after PwC resigned the audit account in the summer over concerns about potential covenant breaches

19 Nov 2019

Auditing

Corporate Governance

Finance | FRC wants power to set audit fees

The beleaguered audit regulator, the Financial Reporting Council (FRC), is planning to ask the next government for new powers to set auditor remuneration rates

18 Nov 2019

Auditing

Corporate Governance

Finance | PwC fails to ward off multimillion negligence claim

PwC has failed in a High Court bid to ward off a pending multimillion euro negligence claim against the Big Four firm

18 Nov 2019

Auditing

Corporate Governance

Business

Companies

Accountancy Firms

Law & Guidance

Finance | Steinhoff swaps auditors to Mazars after accounting problems

South African retail giant Steinhoff international, which owns Poundland in the UK, has hired Mazars Netherlands as auditor, replacing Deloitte

15 Nov 2019

Auditing

Corporate Governance

Finance | Trifast drops KPMG in move to BDO auditors

Following a formal tender process, FTSE listed global engineering company Trifast has hired BDO LLP as auditor ending a 24-year relationship with KPMG

12 Nov 2019

Auditing

Corporate Governance

| Mamas & Papas sold in pre-pack administration

Babycare retailer Mamas & Papas has been sold in a pre-pack administration handled by Deloitte, with the assets bought back by its owner Bluegem Capital partners as creditors lose out

11 Nov 2019

Auditing

Business

Companies

Finance | Mining giant BHP switches £12m audit to EY

FTSE 100 listed global mining conglomerate BHP has ended its 23-year audit relationship with KPMG, hiring fellow Big Four giant EY

11 Nov 2019

Auditing

Corporate Governance

Finance | Smith & Williamson picks up Eve Sleep audit from KPMG

AIM listed Eve Sleep, the online mattress and sleep retailer, has swapped auditors with the appointment of Smith & Williamson, replacing KPMG

8 Nov 2019

Auditing

Corporate Governance

Finance | Wirecard widens scope of KPMG audit

Wirecard has extended the scope of a KPMG independent audit as it seeks to end speculation it has manipulated its accounts, the German digital payments specialist has reported

7 Nov 2019

Auditing

Corporate Governance