PracticeAuditNews in brief: ACCA calls for change

News in brief: ACCA calls for change

The head of ACCA in Scotland, Stuart Riddell, has called for stricter requirements on the disclosure of payments for non-audit services to audit companies. Riddell said that despite UK-listed companies being required since 1991 to disclose the total amounts paid to their auditor for non-audit services, there has been no consensus on how much additional details should be provided.

The proposals, which go much further than existing legislation in the US and proposals being considered by the European Commission, would require firms to disclose fees paid for tax work, restructuring, acquisitions and disposals, financial information systems design and other assurance work.

The Auditing Standards Board at the American Institute of Certified Public Accountants has produced the draft of a proposed statement on auditing standards https://www.accountancyage.com/category/practice/audit/(SAS) titled consideration of fraud in a financial statement audit. Under the new standard the auditor is responsible for the detection of ‘material misstatements’ caused by fraud but is not directly responsible for the actual detection of ‘fraudulent activity’. The draft describes two types of fraud that may result in financial statement misstatements, fraudulent financial reporting and misappropriation of assets.

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

6d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

2w Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

2m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter