Auditing

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Image for mps slate audit automatons over thomas cook failure

Finance | MPs slate ‘audit automatons’ over Thomas Cook failure

The next government must bring forward legislation as soon as possible to replace the Financial Reporting Council (FRC) with the Audit, Reporting and Governance Authority (ARGA)

5 Nov 2019

Auditing

Corporate Governance

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Finance | Auditors must raise quality of their audit work, says FRC

The Financial Reporting Council (FRC) has signalled a crackdown on audit firms who fail to improve the quality of their work and is threatening to publish individual audit scores in the next Audit Quality Inspection reports in mid 2020

5 Nov 2019

Auditing

Corporate Governance

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Finance | KPMG rejects talk of partner cull

Big Four firm KPMG has denied that it is planning to cut around a tenth of its partners in a bid to get the firm back on track and improve performance, saying that around 50-60 partners leave the firm each year through natural churn

4 Nov 2019

Finance | Audit updates: November 2019

In this month’s audit updates, FRC fines leap 44%, MPs grill auditors over Thomas Cook, PwC in $7.9m independence fine, Kingman warns of reform drift while Brydon hits out at ‘shotgun’ approach, BDO predicts 25% audit fee hike, public demands ‘more teeth’ at regulator as new team take over and going concern audit standard is ‘toughened’

1 Nov 2019

Auditing

Corporate Governance

Audit Regulations

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Finance | Would a UK Sarbanes-Oxley improve director accountability?

Reform of the UK audit market is long overdue with the tripartite Kingman, Brydon and CMA reviews still not implemented. Katharine Bagshaw FCA asks whether a UK version of Sarbanes-Oxley (SOX) would work with its harsh penalties for lack of corporate oversight

29 Oct 2019

Auditing

Corporate Governance

Image for big four audit fees hit ps1095bn mid tier squeezed out

Finance | Big Four audit fees hit £10.95bn as mid-tier squeezed out

The Big Four firms have increased their grip on the UK audit market, reporting a 4.7% hike in total fee income to £10.95bn compared to an 8.1% drop at mid-tier audit firms

28 Oct 2019

Finance | RSM hired as Sports Direct auditor

Sports Direct has appointed RSM after four weeks without an auditor following the resignation of Grant Thornton, who had audited the company since 2004

23 Oct 2019

Auditing

Corporate Governance

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Finance | FRC critical of auditor independence at Thomas Cook hearing

The Financial Reporting Council (FRC) has highlighted widespread concerns about whether auditors are sufficiently ‘dispassionate’ when assessing a company’s financial reporting, or whether client relationships are clouding their judgment and level of challenge, during evidence to MPs at the inquiry into the collapse of Thomas Cook

23 Oct 2019

Auditing

Corporate Governance

Business

Restructuring & Insolvency

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Finance | One in five do not trust UK audit system

An overwhelming majority of the public do not trust the current audit system and nearly three quarters support the introduction of joint audit, shows a poll conducted for Mazars

23 Oct 2019

Auditing

Corporate Governance

Image for mps question pwc ey over thomas cook going concern status

Finance | MPs question PwC, EY over Thomas Cook going concern status

MPs have severely criticised senior audit professionals from PwC and EY over their level of challenge to management’s going concern statements as part of an investigation into the collapse of Thomas Cook, as well as highlighting strong objections to the provision of non-audit services to audit clients

22 Oct 2019

Finance | KPMG to review Wirecard accounting

KPMG has been called in to conduct an additional independent audit at leading German online payment specialist Wirecard, following media allegations that the fintech company had fraudulently inflated sales figures and profits, which it strongly denies

21 Oct 2019

Auditing

Corporate Governance

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| BDO chief predicts 25% hike in audit fees by 2022

Audit fees could increase by up to 25% over the next three years as auditors come under regulatory pressure to provide higher quality audit to listed companies, warns Paul Eagland, BDO managing partner. Sara White reports

10 Oct 2019

Auditing

Business

Accountancy Firms

Leadership & Management

Image for brydon criticises shotgun approach auditors over company collapses

Finance | Brydon criticises ‘shotgun’ approach to auditors over company collapses

Senior management and board directors, and not just the auditors, need to take some of the blame for the string of corporate collapses in recent years, says audit review chief

4 Oct 2019

Auditing

Corporate Governance

Accounting Consultations

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Finance | FRC to investigate EY over Thomas Cook auditing

The Financial Reporting Council (FRC) has responded to pressure from the Department for Business, Energy and Industrial Strategy (BEIS) to launch an investigation into EY’s auditing of Thomas Cook

1 Oct 2019

Auditing

Corporate Governance

Finance | Audit updates: October 2019

In this month’s audit updates, date set for Autonomy audit complaint hearing, charity regulator criticises audits, Grant Thornton loses FTSE 250 audit, FRC chair fears reforms will not address concerns while EY boss admits zero contingency planning, and NAO consults on local code update

1 Oct 2019

Auditing

Corporate Governance

Audit Regulations

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Finance | FRC strengthens going concern requirements for auditors

The Financial Reporting Council (FRC) has revised its going concern standard, ISA UK 570, in response to a string of corporate failures where auditors failed to warn that companies were on the brink of collapse

30 Sep 2019

Auditing

Corporate Governance

Audit Regulations

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Latest news

Finance | MPs slate ‘audit automatons’ over Thomas Cook failure

Finance | Auditors must raise quality of their audit work, says FRC

Finance | KPMG rejects talk of partner cull

Finance | Audit updates: November 2019

Finance | Would a UK Sarbanes-Oxley improve director accountability?

Finance | Big Four audit fees hit £10.95bn as mid-tier squeezed out

Finance | RSM hired as Sports Direct auditor

Finance | FRC critical of auditor independence at Thomas Cook hearing

Finance | One in five do not trust UK audit system

Finance | MPs question PwC, EY over Thomas Cook going concern status

Finance | KPMG to review Wirecard accounting

| BDO chief predicts 25% hike in audit fees by 2022

Finance | Brydon criticises ‘shotgun’ approach to auditors over company collapses

Finance | FRC to investigate EY over Thomas Cook auditing

Finance | Audit updates: October 2019

Finance | FRC strengthens going concern requirements for auditors