Corporate governance

Audit / FRC set to revise Corporate Governance Code

The Financial Reporting Council (FRC) plans to review the UK Corporate Governance Code to focus on the need for companies to consider how they benefit wider society, following calls from a government advisory group for more support in developing a culture of social impact investment

Audit / £16m Standard Bank audit transfers to EY

FTSE 100 international banking group Standard Chartered has chosen EY to take over from KPMG as its auditor from the year ending 31 December 2020, ending a relationship of over 40 years in response to new requirements to ensure auditor rotation

Audit / Monitoring Group consults on major overhaul of global audit standard setting process

The Monitoring Group is consulting on a major overhaul of the global audit standard setting process to enhance governance, accountability and oversight which could see a change to the role of IFAC and creation of a single audit and ethical standards setting body to replace the current split structure

Audit / FRC issues revised practice note on auditing occupational pension schemes

The Financial Reporting Council (FRC) has issued a revision of Practice Note 15: the audit of occupational pension schemes in the UK, to reflect a number of developments in this area including changes to UK accounting standards and the revision of the pension statement of recommended practice (SORP)

Audit / PwC digs in with retained audit at FTSE 250 engineers Meggitt

FTSE 250 engineering company Meggitt has decided to retain PwC as its auditor, a position the firm has held since 2003, following a competitive tender process which was conducted in advance of the mandatory rotation requirement

Audit / Does the FRC have more bark than bite?

A spate of multimillion pound fines for misconduct at audit firms following dubious audits at listed companies has put the audit regulator, the Financial Reporting Council (FRC), under greater pressure, but is it fulfilling its role and displaying real powers, ask partner Hannah Laming and associate Nicholas Querée of law firm Peters & Peters 

Audit / US and Irish audit regulators sign cooperation agreement

The US Public Company Accounting Oversight Board (PCAOB) has entered into a cooperative agreement with the Irish Auditing and Accounting Supervisory Authority (IAASA) which allows for joint inspections in the oversight of audit firms subject to the regulatory jurisdiction of both organisations, reflecting growing levels of US companies setting up in Ireland

Audit / EY takes over from PwC as Nationwide auditor

The Nationwide Building Society has chosen EY as its new auditors, replacing PwC, following a competitive tender process

Accounting / Expert witnesses: what you need to know

Being an expert witness requires expertise and judgment whether in a complex financial accounting case or a contract dispute. Dr Chris Pamplin of the UK Register of Expert Witnesses considers the role of the expert witness, focusing on the key attributes of an expert witness from specialist knowledge to a deep understanding of technical terms and issues

Audit / Audit updates: November 2017

In our monthly roundup of developments in audit and governance, BDO picks up Mitie audit, Charity Commission warning on audited accounts, Deloitte negligence claim brought by DMX Technology

Audit / FTSE 100: Auditors Survey 2017

Despite a surge in audit tenders, the FTSE 100 audit market, valued at over £600m, remains the domain of the Big Four auditors. Philip Smith considers the impact on fee levels, the non audit services (NAS) cap and the competition among the biggest audit firms with PwC potentially losing £100m in audit fee income over the next year

Audit / KPMG to face tribunal over Equity Red Star audit in November

The FRC has confirmed that KPMG and two of its audit partners are to face a disciplinary tribunal on 27 November over the firms handling of the audit of Lloyd’s Syndicate 218 (Equity Red Star), a specialist motor insurer

Accounting / NAO wants academy schools to improve reporting on land and buildings

Although the Department for Education (DfE) has improved its accounting for the academy schools sector in England, the National Audit Office (NAO) has qualified the accounts for the year ended 31 August 2016 on the grounds the department was unable to provide adequate evidence to support the £45bnn of land and buildings included

Audit / FRC has learned from HBOS experience, says Haddrill

The Financial Reporting Council (FRC) is now better equipped to take enforcement action over audit failures, according to chief executive Stephen Haddrill

Audit / FRC updates preliminary announcements guidance

Following a consultation on the role of the auditor in preliminary announcements, the Financial Reporting Council (FRC) has indicated it will make only minor amendments to existing guidance, but has raised concerns around the use of alternative performance measures (APMs)

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