Audit

Accounting / Charities must comply with financial sanctions requirements

Charities need to ensure they comply fully with the latest financial sanctions rules, warns the Office of Financial Sanctions Implementation (OFSI)

Audit / European Court of Auditors to audit EU fraud

The European Court of Auditors is to conduct an audit on how the European Commission manages the risk of fraud in EU spending, in response to concerns that not enough is being done to tackle the issues

Audit / UK regulation could need EU recognition post-Brexit

The regulation of audit after the completion of Brexit may need to be recognised as equivalent by the EU in order for UK firms’ work to be accepted, the Financial Reporting Council (FRC) has admitted

Audit / KPMG appointed auditor of FTSE 100 chemical company Croda

PwC has lost another longstanding FTSE 100 audit client as Brazilian chemical company Croda International has announced KPMG will take over the audit from PwC for year end 2018

Audit / FRC fines EY £1.8m over Tech Data audit misconduct

EY has been reprimanded and fined £1.8m, reduced from £2.75m, after admitting misconduct in relation to the audit of the financial statements of Tech Data Ltd (formerly known as Computer 2000 Distribution Ltd), for the financial year ended 31 January 2012, following an investigation by the Financial Reporting Council (FRC)

Audit / FRC decision to drop HBOS KPMG inquiry leaves questions for audit regulator

The decision by the Financial Reporting Council (FRC) to abandon its investigation of KPMG’s audit of HBOS has been heavily criticised but the audit profession has mounted a defence albeit raising questions about the future of the regulator. Calum Fuller reports

Audit / EU auditors call for greater public engagement

The general public must be informed of national and EU auditors’ work and their findings, and recommendations should be accessible and understandable by as many people as possible, the head of the French national audit office has said while attending a conference in Luxembourg to mark the 40th anniversary of the European Court of Auditors

Audit / Auditor general warns Scottish health authority faces ‘significant’ financial challenges

Scotland’s auditor general has issued a highly critical report on NHS Tayside, saying the health authority continues to face significant financial challenges despite its aim of achieving a financial balance within two years, while there is no sign it is currently able to repay over £30m in loan funding from the government

Audit / FRC begins disciplinary hearing over Baker Tilly and Tanfield

The Financial Reporting Council’s disciplinary tribunal has begun a hearing considering a formal complaint against Baker Tilly UK Audit, ICAEW member Richard King and Steven Railton, an ACCA member

Audit / McLaren: FRC defends updated Ethical Standard

Financial Reporting Council (FRC) executive director of audit and actuarial regulation Melanie McLaren discusses the main changes to the FRC’s Ethical Standard and its impact since its introduction in 2016

Audit / IT company in legal challenge over Deloitte ‘negligence’

Hong Kong-based IT solutions provider DMX Technologies has said it is taking legal action against its former auditor Deloitte for alleged negligence relating to accounting irregularities discovered in 2015, which resulted in the then CEO and chief financial officer leaving

Audit / Charity governance code 2017: what next for trustees?

The launch of the new Charity Governance Code 2017 introduces a number of significant governance changes for trustees and charities, with a focus on regular performance reviews of boards, trading subsidiaries and tight controls on length of service of trustees, explains Judith Miller, partner at Sayer Vincent

Audit / Deloitte on menu as auditor at Greencore Group

FTSE 250 international convenience food supplier Greencore Group has selected Deloitte as its external auditor with effect from the financial year ending 27 September 2019, replacing KPMG after ten years

Accounting / People with significant control (PSC) register – NEW CPD module

This month's CCH Daily CPD module focuses on the People with Significant Control (PSCs) legislation, covering the scope and identification of PSCs, relevant legal entities, indirect interests and how to maintain the PSC register

Audit / Audit updates: October 2017

In our monthly roundup of developments in audit and governance, FRC drops probe into KPMG HBOS audit, FRC hits PwC with record £5.1m fine over collapsed RSM Tenon audit failure, Deloitte resigns as PayPoint auditor as KPMG appointed
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