Law and regulation

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 / Morris: rotation exposes auditors to increased risk of claims

Mandatory tendering and rotation in audits could leave auditors increasingly open to claims against them, up to and including negligence, says partner at law firm RPC Rob Morris

Audit / Corporate Governance Code overhaul chance to strengthen internal audit role

Dr Ian Peters, chief executive of the Chartered Institute of Internal Auditors, explains why internal audit is being given a critical role in the Financial Reporting Council’s (FRC) review of the Corporate Governance Code

Audit / Hike in audit thresholds for community benefit societies

Audit thresholds for co-operatives and community benefit societies will double from April 2018 in a bid to reduce red tape for the smallest organisations

Audit / Multimillion pound fines could reduce competition in audit market

Accountancy firms and institutes have raised concerns that if the Financial Reporting Council (FRC) continues to impose growing fines for audit misconduct it could result in a lack of competition, as firms may leave or avoid the listed markets due to a higher level of risk, reports Amy Austin

Audit / Big Four could face £10m-plus regulatory fines

Big Four firms should face fines of £10m or more for poor quality audit work, while individual accountants guilty of dishonesty could be given 10-year bans, according to an independent review of the Financial Reporting Council’s (FRC) enforcement sanctions, which also calls for a greater focus on non-financial penalties

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 / 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

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 / 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 / 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 / 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 / Editor's comment: toothless audit regulator

Sara White, editor of Accountancy, discusses the Financial Reporting Council's (FRC) approach to enforcement and sanctions on the back of the regulator dropping its investigation into KPMG's HBOS audit

Audit / Dixon: FRC had no chance of success over HBOS KPMG audit probe

The FRC’s decision not to pursue further action against KPMG over its audit of HBOS is no sign of dysfunctional regulation, says Ross Dixon, partner at law firm Hickman & Rose

Audit / The regulator's lot: examining the role of audit regulation

Regulators are unloved and frequently criticised, but play a key and underappreciated role in audit and the economy, finds Katharine Bagshaw FCA