The Financial Reporting Council (FRC) has hit PwC with a fine of £10m for misconduct in relation to the 2014 audits of BHS and the Taveta Group, prior to the sale of the high street chain for £1

The Monitoring Group is to push ahead with proposals for reform of the way in which audit standards are set globally, including steps to make the process independent of the audit profession, saying feedback to its consultation has revealed widespread support for some, but not all, of its proposals

KPMG has been reprimanded and handed a £4.5m fine from the Financial Reporting Council (FRC), and the firm’s audit engagement partner William Smith has been reprimanded and fined £120,000, following their admission of misconduct in relation to the audit of the financial statements of Quindell plc for the period ended 31 December 2013

The liquidation of Carillion is to cost UK taxpayers £148m according to an estimate from the National Audit Office (NAO), while MPs have accused the company of ‘hoodwinking’ the government with its published accounts and challenged the Big Four over potential conflicts of interest

Sir John Kingman has launched a two-month long call for evidence as part of his independent review of the Financial Reporting Council (FRC), which will examine the regulator’s role, impact and effectiveness, powers, governance and leadership

Much of day-to-day accounting, and in particular audit, involves dull repetitive tasks such as inventory and general ledger checking but such drudgery is apparently set to become a thing of the past with the advent of artificial intelligence (AI) and machine learning. Rob Munro reports

There is strong opposition to plans to increase the Financial Reporting Council’s (FRC’s) powers of enforcement, according to a survey by ICSA: The Governance Institute, which found over half of governance professionals do not want to see a wider remit for the regulator

In our monthly roundup of developments in audit and governance, Carillion triggers Big Four break-up call, PwC dropped after century long audit tenure at Carr’s, Labour hires Prem Sikka to review Big Four audit firms

Due to the Financial Reporting Council (FRC) receiving no response on its consultation on plans to increase registration and annual renewal fees for third country auditors, the regulator has decided to put the 2018 Instrument into effect from 29 May 2018

The Financial Reporting Council (FRC) has made formal complaints and is planning for a tribunal hearing against Deloitte and two of its audit engagement partners and the former chief financial officer and vice president of finance at software company Autonomy, which has faced allegations of accounting irregularities

Big Four dominance of the £269m FTSE 250 audit market is under fire as MPS set alight competition and mid-tier firms fail to gain market share. In the annual Accountancy FTSE 250 auditors survey, Philip Smith examines the latest trends in audit fees and the lack of competition from outside the Big Four

The Financial Reporting Council (FRC) can introduce endless sanctions, but without true unlimited liability nothing will stop audit failures, says Emile Woolf FCA