Corporate governance

Audit / CIPFA revoked as an audit qualifying body

The Financial Reporting Council (FRC) has revoked the recognition of CIPFA as an audit qualifying body, now that it no longer has any members who hold a CIPFA awarded audit qualification

Audit / FRC considers Carillion audit investigation

The Financial Reporting Council (FRC) has indicated it is considering an investigation into the auditing of government outsourcing specialist Carillion, which has gone into liquidation putting thousands of jobs and dozens of complex infrastructure projects at risk

Audit / Monitoring Group considers single board for ethics and assurance standards

A roundtable discussion held by The Monitoring Group of its proposed overhaul of the global audit standard setting process revealed broad support for a potential restructure

Audit / PwC facing two-year auditing ban in India

PwC is facing a two-year ban from auditing listed companies in India, following a probe by the Securities and Exchange Board of India (SEBI) into the 2009 accounting scandal at one of the firm’s clients, Satyam Computer Services, which became known as ‘India’s Enron’

Audit / KPMG quits Grenfell Inquiry role over audit conflicts

 KPMG is standing down from its role as project management adviser to the Grenfell Inquiry with immediate effect, after concerns were raised about the Big Four firm’s auditing contracts for some of the organisations under investigation over their role in the fire in the tower block in June last year, which claimed 71 lives

Accounting / FRC issues agenda for 2018/19 priorities meeting

The Financial Reporting Council (FRC) has set the date for the 2018/19 priorities meeting where it will set out its key objectives and work plan for the next 12 months

Audit / PwC criticised over auditing ‘negligence’ in $2bn US bank fraud

PwC has been criticised in a US court over the firm’s failure to uncover a $2bn (£1.47bn) fraud at Colonial Bank, which subsequently collapsed in 2009, in a case brought by the bank’s receiver Federal Deposit Insurance Corp (FDIC) which may open the way for compensation claims

Audit / PCAOB fines Grant Thornton $1.5m for quality control violations

The Public Company Accounting Oversight Board (PCAOB) has announced a $1.5m (£1.11m) settlement with Grant Thornton in the regulator’s first ever findings of quality control violations at a domestic global network firm, along with identified audit failures

Audit / Audit updates: January 2018

In our monthly roundup of developments in audit and governance, Clarke sanctions review could see Big Four face £10m-plus regulatory fines, FRC admits to HBOS failures, corporate governance code set to cover AIM companies

Audit / Auditors need to ensure climate risk reporting up to standard

International charity ClientEarth is warning auditors who fail to take adequate account of climate-related risk reporting requirements could find themselves facing regulatory and legal challenges

Accounting / FCA consults on firms’ transition to senior managers’ regime

The Financial Conduct Authority (FCA) is consulting on its proposals outlining how firms and individuals will convert to the senior managers and certification regime which aims to make individuals more accountable for their conduct in financial services

Audit / FRC urges auditors to clarify materiality judgments

Auditors need to be more specific with audit committees and in their public reports about the materiality judgments they have made and the impact on the scope, nature and extent of their audit work, according to the Financial Reporting Council’s (FRC) latest thematic review

Audit / Scottish Police Authority criticised for poor use of public money

Scotland’s auditor general has branded a series of governance failings and the poor use of public money at the Scottish Police Authority (SPA) as ‘unacceptable’ and says ensuring the body operates more effectively and transparently must be an immediate priority for its new leadership team

Audit / FRC update on auditors’ legal responsibilities

The Financial Reporting Council (FRC) has issued a revision to ISA (UK) 250 Section A – consideration of laws and regulations in an audit of financial statements, which includes updated guidance on the auditor's responsibilities in respect of money laundering, terrorist financing and proceeds of crime legislation in the UK

Audit / FRC to extend corporate governance code beyond FTSE 350

The Financial Reporting Council (FRC) is planning to overhaul the UK corporate governance code with a greater focus on stakeholders, integrity and corporate culture, as well as extending the rules to include large private companies outside the FTSE 350
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