Auditing

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Finance | Audit updates: May 2019

In this month’s audit updates, the Competition and Markets Authority (CMA) sets out radical reform proposals including mandatory joint audits, Brydon review launches audit process consultation, the future of the Financial Reporting Council (FRC), review of KPMG’s audit practice, sanctions for Grant Thornton and Baker Tilly, and audit switches at Mothercase and French Connection

1 May 2019

Corporate Governance

Accounting Consultations

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Finance | KPMG to face FRC sanction hearing over BNY Mellon audit failures

The Financial Reporting Council (FRC) is to hold a disciplinary tribunal next month to decide the sanctions to be levelled on KPMG and partner Richard Hinton in relation to their acknowledged failures in the auditing of the Bank of New York Mellon

30 Apr 2019

Corporate Governance

Accountancy Firms

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Finance | Deloitte resigns Ferrexpo audit over ‘misappropriation’ concerns

Deloitte has resigned as auditor of FTSE 250 Swiss mining group Ferrexpo with immediate effect, citing concerns about possible ‘discrepancies’ in bank statements relating to the company’s charitable donations under its corporate social responsibility (CSR) scheme and its delays in setting up an independent forensic investigation

29 Apr 2019

Financial Reporting

Corporate Governance

Image for us regulator uncovers 20m accounting fraud truck operator

Finance | US regulator uncovers $20m accounting fraud at truck operator

The Securities and Exchange Commission (SEC) has charged Indianapolis-based Celadon Group with a $20m (£15.5m) accounting fraud

29 Apr 2019

Financial Reporting

Corporate Governance

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Finance | Ireland’s football association facing accounting concerns

The Football Association of Ireland (FAI), which has become mired in controversy over a €100,000 (£86,000) loan made by its chief executive to the association, has announced its entire board has resigned after its auditor, Deloitte, raised concerns about its accounting records

25 Apr 2019

Corporate Governance

Image for deloitte qualifies swiss miners accounts over potential charity misappropriation

Finance | Deloitte qualifies Swiss miner’s accounts over potential charity ‘misappropriation’

Auditors from Deloitte have issued a qualified opinion on the annual results from Ferrexpo, a Swiss headquartered iron ore company with assets in Ukraine, over concerns about possible ‘misappropriation’ of corporate social responsibility (CSR) funds

24 Apr 2019

Corporate Governance

Accountancy Firms

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Finance | CMA’s joint audit proposals divide opinion

Plans to introduce joint audits for listed companies have been criticised by Big Four firms as potentially further damaging the quality of audits, while challenger firms argue that this would increase access to the audit market

23 Apr 2019

Corporate Governance

Accountancy Firms

Image for cma wants big four operational split and mandatory joint audits

Finance | CMA wants Big Four operational split and mandatory joint audits

The Big Four firms face an operational split between audit and consulting services, and mandatory joint audits of large listed companies, as a result of the Competition and Markets Authority’s (CMA) final report on the UK audit market

18 Apr 2019

Corporate Governance

Accountancy Firms

Leadership & Management

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Finance | Editor’s comment: audit market in turmoil

A swathe of audit reviews from the fundamental structure of the Big Four audit firms to the very future of auditing standards could reshape the whole profession, but are legislators prepared to make the necessary reforms, asks Sara White, editor of Accountancy Daily

17 Apr 2019

Corporate Governance

Accounting Consultations

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Finance | FRC prioritises audit inspections during ARGA transition

The government has made clear that the Financial Reporting Council (FRC) must prioritise inspection and enforcement activities during the overhaul of the regulator and restructure as the Auditing, Reporting and Governance Authority (ARGA)

16 Apr 2019

Corporate Governance

Accounting Consultations

Image for call relax 51 rule audit firm ownership

Finance | Call to relax 51% rule on audit firm ownership

Reform of the audit market should focus on relaxing audit firm ownership rules, to permit new capital to enter the market to increase competition rather than breaking up the Big Four audit firms

16 Apr 2019

Corporate Governance

Accountancy Firms

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Finance | Audit and quality management: ISA 220, ISQM 1 – part 2

In the second part of our series on reforms to auditing standards, Katharine Bagshaw FCA examines proposed changes to ISA 220 Quality Management for an Audit of Financial Statements and the introduction of the first quality management standard for auditors, ISQM 1, currently out for consultation by the International Auditing and Assurance Standards Board (IAASB)

16 Apr 2019

Corporate Governance

Accounting Consultations

Image for frc sanctions baker tilly auditors after tanfield probe

Finance | FRC sanctions Baker Tilly auditors after Tanfield probe

Baker Tilly UK Audit, now part of RSM, has been reprimanded and fined £750,000 following the conclusion of a Financial Reporting Council (FRC) investigation into the audit of the financial statements of Tanfield Group and two of its subsidiaries for the year ended 31 December 2007

15 Apr 2019

Corporate Governance

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Finance | Kennedy: is there a case for joint audits?

As calls for a radical overhaul of the audit market heat up, Mark Kennedy, managing partner, Mazars Ireland, considers whether proposals to introduce joint audits would work in the UK

15 Apr 2019

Corporate Governance

Accounting Consultations

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Finance | IESBA sets out five-year strategy on ethics standards

The International Ethics Standards Board for Accountants (IESBA) has published details of its priorities for setting future-ready ethics standards for professional accountants, along with its five year strategy and work plan

12 Apr 2019

Corporate Governance

Accountancy Firms

Image for grant thornton faces frc probe over interserve

Finance | Grant Thornton faces FRC probe over Interserve

Mid-tier audit firm Grant Thornton is the subject of a probe by the Financial Reporting Council (FRC) into its auditing of outsourcing specialist Interserve, which went into administration last month, with the regulator announcing an investigation into the firm’s work under its audit enforcement procedure

11 Apr 2019

Corporate Governance

Accountancy Firms

B&ADTV

Croner Intelligence - how do I know the results are reliable?

Q&A: How to prepare for a QAD audit inspection

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