Oliver Passmore, partner and Alex Horsbrugh-Porter, counsel at Ogier consider the far-reaching implications for the future of the audit industry and director duties in light of recent audit failures and legal rulings on the role of auditors

Auditors at EY have refused to give an opinion on the financial statements of Irish travel software firm Datalex, which disclosed ‘significant accounting irregularities’ earlier this year, and have reported the company to the regulator for failure to keep adequate accounting records

The Big Four look set to retain their stranglehold on large listed company audit even though over half of client companies do not rank their current auditor as their first choice

With the audit process under the microscope, Menzies audit partner James Hadfield argues the case that businesses can benefit from closer scrutiny if they resist the cheapest audit option

In the wake of the ongoing audit reform inquiries, Katharine Bagshaw FCA unpicks the pros and cons of mandatory joint and shared audits in the UK, asking whether the lack of viable alternatives will force an unwelcome political solution

In this month’s audit updates, KPMG is hit with £3.5m BNY Mellon fine, FRC fines hit record levels, firms required to report staff misconduct, BEIS clarifies Sports Direct auditor position, PwC quits Staffline audit but wins IHG audit, IESBA aims to strengthen scepticism, FRC consults on client assets while NAO revises Code of Practice

Only half of charity accounts reviewed by the Charity Commission met the regulator’s external scrutiny benchmark with auditors and independent examiners failing to identify significant failings in charity accounts

Jay Schulman, national leader for blockchain at RSM, examines some of the challenges Facebook’s new digital currency, Libra, will pose for accountants, including existence testing and validating transactions with user tokens, if it gets off the ground

Lawyers from Sports Direct have approached the Department for Business, Enterprise and Industrial Strategy (BEIS) to gain clarity on the role of BEIS following the resignation of auditor Grant Thornton

Big Four audit firm PwC has resigned as auditor of Staffline Group plc, an AIM listed recruitment and training group, and has already stepped down citing concerns over material uncertainty and contractual obligations  

Grant Thornton has resigned as auditor of Sports Direct, the day after the high street retailer announced its annual results and said it expected the firm to remain in situ for a further year and potentially until 2027, and despite acknowledged issues over selecting a Big Four replacement

Global hospitality chain, InterContinental Hotels Group (IHG) has swapped EY for PwC as external auditor