Corporate reporting

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)

Accounting / FRC publishes thematic report best practice

The Financial Reporting Council (FRC) has published three thematic reports, covering judgements and estimates, pension disclosures and the use of alternative performance measures (APMs), in order to help companies improve the quality of their corporate reporting in acknowledged areas of difficulty

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 / 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

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 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)

Audit / SEC approves US auditor reporting standard

The Securities and Exchange Commission (SEC) has approved a new auditing standard, marking the first significant change to the auditor’s report in more than 70 years, but has highlighted concerns over the communication of critical audit matters and the disclosure of auditor tenure

Audit / IAASB updates on group audits work

The International Auditing and Assurance Standards Board (IAASB) has issued an update on the work being undertaken by its group audits taskforce on the revised international standard on auditing (ISA) 600, Special Considerations‒Audits of Group Financial Statements

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)