PracticeAuditAIU announces scope of work for 2008/09

AIU announces scope of work for 2008/09

The AIU will review the last completed audit, which would have likely been conducted for the financial year-end in 2007 or 2008

The Audit Inspection Unit today announced the range of companies whose audit
engagements it will inspect in the next year.

The list includes AIM or Plus markets companies, building societies with
assets of more than £1bn, Lloyds Syndicates with an underwriting capacity in
excess of £250m and Mutual Life Offices whose ‘with profits’ funds exceed £1bn.

The AIU will review the last completed audit, which would have likely been
conducted for the financial year-end in 2007 or 2008.

If the AIU receives a request from an overseas audit regulator to review the
audit of a UK entity or a UK subsidiary of an entity within that regulator’s
scope, the audit of the UK entity will be deemed to be within the AIU’s scope
for this purpose.

In addition, the scope of the AIU’s work at an individual audit firm may be
extended by agreement with the professional accountancy body with which the firm
is registered.

Further Reading:

Read
the AIU’s release

Related Articles

KPMG South Africa to review past audit work amid fresh scandal

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

4d Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

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

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

2w 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

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

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

2m Alia Shoaib, Reporter
Deloitte to pay $149.5m over Taylor, Bean & Whitaker audit failure

Audit Deloitte to pay $149.5m over Taylor, Bean & Whitaker audit failure

2m Alia Shoaib, Reporter
Carillion inquiry: missed red flags, aggressive accounting and the pension deficit

Audit Carillion inquiry: missed red flags, aggressive accounting and the pension deficit

2m Alia Shoaib, Reporter
Deloitte’s audits of Hezbollah-linked bank to be examined by Dubai court

Audit Deloitte’s audits of Hezbollah-linked bank to be examined by Dubai court

2m Alia Shoaib, Reporter