Auditing

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Finance | Audit work set to go to tech firms

Technology companies are set to challenge accountancy firms’ traditional dominance of the audit market, as client companies start to separate their audit into separate elements, according to analysis from Source Global Research which suggests Deloitte is the front runner for embracing this change

11 Feb 2019

Corporate Governance

Accountancy Firms

AI & Technology

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Finance | Global consultation on standards for improving audit quality

The International Auditing and Assurance Standards Board (IAASB) has opened a global consultation on three interrelated standards to improve quality management, which will bring significant changes in how accountancy firms manage quality for audits, reviews, and other assurance and related services engagements

11 Feb 2019

Corporate Governance

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Finance | The future of auditing: a cluttered horizon

Katharine Bagshaw FCA examines the future of auditing in light of a raft of UK investigations into quality, purpose and independence, the Monitoring Group's proposals to overhaul the international audit standard setters, and attempts to modernise auditing standards in an age of cross-border, digital multinational businesses, not to mention the audit needs of smaller entities

11 Feb 2019

Corporate Governance

Audit Regulations

Accounting Consultations

Image for bdo picks ps200k halfords audit kpmg

| BDO picks up £200k Halfords audit from KPMG

FTSE 250 car parts and bike retailer Halfords has appointed BDO as its external auditor, ending a 10-year relationship with KPMG

6 Feb 2019

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Finance | FRC calls for rewrite of Companies Act to improve audit

The head of the audit regulator, the Financial Reporting Council (FRC), is calling for a significant overhaul of the 2006 Companies Act as a way to reform the audit market, raise standards and restore public confidence in audit firms, which MPs described as 'tantalising'

6 Feb 2019

Corporate Governance

Accountancy Firms

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Finance | Woolf: will latest proposals really improve audit quality?

Emile Woolf FCA is sceptical that the latest raft of probes and investigations will be able to cure the problems with the audit market, when there are many parties to blame, not only the heavily criticised auditors, but also the companies providing the accounts

5 Feb 2019

Corporate Governance

Image for ps21m damages bill grant thorntons flagrant audit failures

Finance | £21m damages bill for Grant Thornton’s ‘flagrant’ audit failures

Grant Thornton has been ordered to pay an audit firm record of £21m in damages to former client AssetCo after a High Court judge branded its auditing of the company, which nearly collapsed as a result of an accounting scandal, to be a ‘flagrant breach of professional standards’, exhibiting failures ‘of the utmost gravity’

1 Feb 2019

Corporate Governance

Audit Regulations

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Finance | Audit updates: February 2019

In this month’s roundup of audit news, MPs probe Big Four and mid-tier firm heads about sustainability of audit, FRC consults on tougher stewardship code and changes to third country auditor fees due to Brexit, Carillion audit investigation to continue well into 2019, audit wins at SSE and ICG, while Aston Martin puts audit out to tender

1 Feb 2019

Corporate Governance

Audit Regulations

Accounting Consultations

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Finance | Audit and consulting split would make Big Four less resilient

The heads of the Big Four firms have warned the Bsiness, Energy and Industrial Strategy (BEIS) committee that the Competition and Markets Authority’s (CMA) recommendation to split non-audit and audit services into separate entities would challenge the firms’ resilience as audit services only make up a small amount of fee income

30 Jan 2019

Corporate Governance

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Finance | FRC consults on tougher stewardship code

The Financial Reporting Council (FRC) is consulting on an updated and tougher stewardship code which the regulator says sets substantially higher expectations for investor stewardship policy and practice

30 Jan 2019

Financial Reporting

Corporate Governance

Image for pcaob faults half kpmg us audits inspected

Finance | PCAOB faults half of KPMG US audits inspected

The Public Company Accounting Oversight Board (PCAOB) identified deficiencies in half of the audits it inspected at KPMG’s US firm in 2017, with concerns that there might not have sufficient audit evidence to support the firm’s opinion in some instances

29 Jan 2019

Corporate Governance

Audit Regulations

Image for ey picks icg audit deloitte

| EY picks up ICG audit from Deloitte

FTSE 250 financial services company Intermediate Capital Group (ICG) has appointed EY as its external auditor, ending a 30-year relationship with Deloitte

29 Jan 2019

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Finance | Audit methodology: is it fit for purpose?

With auditors under heavy scrutiny and a litany of audit failures at listed companies, Sarah Perrin ACA asks whether the fundamentals of audit are actually working and how technology could improve the quality of audit

29 Jan 2019

Corporate Governance

Accounting Consultations

Image for mps grill big four ceos audit inquiry

Finance | MPs to grill Big Four CEOs in audit inquiry

The heads of the Big Four audit firms and their mid-tier challengers are to face questions from MPs on Wednesday, 30 January, when the Business, Energy and Industrial Strategy (BEIS) select committee holds the second evidence session for its inquiry into the future of audit

28 Jan 2019

Corporate Governance

Accountancy Firms

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Finance | EY US sets up independent audit quality committee

EY US has set up an independent audit quality committee (IAQC), comprised of senior external leaders and a former member of the Public Company Accounting Oversight Board (PCAOB), which will advise the US firm’s senior leadership on issues that affect audit quality

25 Jan 2019

Corporate Governance

Accountancy Firms

Image for frc carillion probe continue well 2019

Finance | FRC Carillion probe to continue ‘well into 2019’

The Financial Reporting Council’s (FRC) investigation into Carillion is set to continue for much of this year but will be completed ‘promptly and thoroughly’, the regulator has said in an update on its examination of KPMG’s auditing and the conduct of two former finance directors of the failed outsourcer

22 Jan 2019

Corporate Governance

Audit Regulations

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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