MHA takes over as auditor for Revolution Beauty
Audit

MHA takes over as auditor for Revolution Beauty

1m Accountancy Age , Reporters

MHA takes over as auditor for Revolution Beauty

This follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...

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Slowing client demand stems promotions at PwC
Audit

Slowing client demand stems promotions at PwC

1m Accountancy Age , Reporters

Slowing client demand stems promotions at PwC

PwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...

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Can AI eliminate audit scheduling headaches?
Audit

Can AI eliminate audit scheduling headaches?

2m Accountancy Age , Reporters

Can AI eliminate audit scheduling headaches?

Traditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...

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FRC seeks to break down barriers to competition in UK audit market
Audit

FRC seeks to break down barriers to competition in UK audit market

2m Accountancy Age , Reporters

FRC seeks to break down barriers to competition in...

The FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...

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EY's resignation as Asda's auditor highlights importance of personal compliance
Audit

EY's resignation as Asda's auditor highlights importance of personal compli...

2m Accountancy Age , Reporters

EY's resignation as Asda's auditor highlights impo...

On January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...

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AI is an emerging risk for auditors, new research shows
Audit

AI is an emerging risk for auditors, new research shows

2m Rachael Kennedy

AI is an emerging risk for auditors, new research ...

Despite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....

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The role of auditors in the Post Office scandal: A need for greater accountability?
Audit

The role of auditors in the Post Office scandal: A need for greater account...

2m Accountancy Age , Reporters

The role of auditors in the Post Office scandal: A...

As the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...

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ACCA supports FRC proposals to strengthen auditor requirements
Audit

ACCA supports FRC proposals to strengthen auditor requirements

2m Accountancy Age , Reporters

ACCA supports FRC proposals to strengthen auditor ...

The proposed enhancements, including the focus on material misstatements arising from non-compliance, the introduction of a risk assessment process, a...

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FRC imposes £33.2 million fines on audit firms amid crackdown
Audit

FRC imposes £33.2 million fines on audit firms amid crackdown

3m Accountancy Age , Reporters

FRC imposes £33.2 million fines on audit firms ami...

The Financial Reporting Council's record fines imposed on audit firms in 2023 demonstrate its unwavering commitment to enhancing audit quality. Read M...

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FRC's competition efforts fall flat as Big Four continue to dominate
Accounting Firms

FRC's competition efforts fall flat as Big Four continue to dominate

3m Accountancy Age , Reporters

FRC's competition efforts fall flat as Big Four co...

The Big Four audit firms earned 98% of FTSE 350 audit fees in 2022, despite efforts to increase competition within the market Read More...

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FRC says volume of Tier 2 and 3 audit firms requiring improvement is 'unacceptable'
Accounting Standards

FRC says volume of Tier 2 and 3 audit firms requiring improvement is 'unacc...

3m Accountancy Age , Reporters

FRC says volume of Tier 2 and 3 audit firms requir...

38% of firms required significant improvements, prompting the council to state Tier 2 and Tier 3 firms must "prioritise audit quality improvements and...

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UK and Switzerland enhance ties with mutual recognition of audit qualifications
Audit

UK and Switzerland enhance ties with mutual recognition of audit qualificat...

3m Accountancy Age , Reporters

UK and Switzerland enhance ties with mutual recogn...

This arrangement allows auditors who are professionally qualified and registered as statutory auditors in either the UK or Switzerland to apply for re...

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IAASB introduces new auditing standard for SMEs
Audit

IAASB introduces new auditing standard for SMEs

4m Accountancy Age , Reporters

IAASB introduces new auditing standard for SMEs

Traditionally, smaller businesses have had to navigate auditing standards designed for larger, more complex entities. This new standard offers a more ...

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COP28: Accounting bodies call for action on climate-related reporting disclosures
Accounting Standards

COP28: Accounting bodies call for action on climate-related reporting discl...

4m Rachael Kennedy

COP28: Accounting bodies call for action on climat...

Effective corporate reporting on sustainability will prevent greenwashing issues and deliver more data for better implementation of climate policies R...

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The collapse of Wilko: Role of EY and PwC
Audit

The collapse of Wilko: Role of EY and PwC

4m Accountancy Age , Reporters

The collapse of Wilko: Role of EY and PwC

The involvement of EY and PwC in this case raises questions about their responsibility and oversight Read More...

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EY's innovative use of AI in detecting audit frauds sparks debate
Audit

EY's innovative use of AI in detecting audit frauds sparks debate

4m Accountancy Age , Reporters

EY's innovative use of AI in detecting audit fraud...

EY has implemented artificial intelligence (AI) in its audit processes, leading to the detection of fraudulent activities. Out of the first 10 compani...

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Revolut considers auditor change amid UK banking license challenges
Audit

Revolut considers auditor change amid UK banking license challenges

4m Accountancy Age , Reporters

Revolut considers auditor change amid UK banking l...

Fintech giant considers dropping BDO following audit report in order to obtain clean bill of health from PRA Read More...

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To split or not to split, that is the question
Audit

To split or not to split, that is the question

4m Accountancy Age , Reporters

To split or not to split, that is the question

Looking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...

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KPMG handed record fine over audit failures in Carillion demise
Audit

KPMG handed record fine over audit failures in Carillion demise

6m Greg Noble

KPMG handed record fine over audit failures in Car...

KPMG was initially fined £30 million, but the penalty was subsequently decreased by 30% due to its cooperation throughout the five-year investigation ...

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Audit sector can tackle Big Four dominance through collaboration, experts say
Audit

Audit sector can tackle Big Four dominance through collaboration, experts s...

6m Dan Cave

Audit sector can tackle Big Four dominance through...

Fines, regulatory oversight and greater investigations are sparking worries that sector control by giants will continue Read More...

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Audit profession must ‘face up’ to common issues causing accounts delays, experts say
Accounting Firms

Audit profession must ‘face up’ to common issues causing accounts delays, e...

7m Dan Cave

Audit profession must ‘face up’ to common issues c...

Superdry’s failure to publish its accounts in a timely fashion is the latest in a string of errors Read More...

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Audit reform omission shows it is ‘not a priority’ for government
Audit

Audit reform omission shows it is ‘not a priority’ for government

7m Greg Noble

Audit reform omission shows it is ‘not a priority’...

Ministers had committed to overhauling the audit and corporate governance systems in response to scandals at companies like retailer BHS in 2016 and P...

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Battle lines drawn over auditors’ role in combating fraud
Audit

Battle lines drawn over auditors’ role in combating fraud

7m Lawrie Holmes

Battle lines drawn over auditors’ role in combatin...

Improvements in the corporate governance code and a new regulator could provide the impetus for auditors to take a bigger role in fraud detection, tho...

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Audit scandals rendering profession ‘unattractive’ to newcomers
Accounting Firms

Audit scandals rendering profession ‘unattractive’ to newcomers

7m Greg Noble

Audit scandals rendering profession ‘unattractive’...

The FRC has overseen a major uptick in audit enforcement activity recently, with the regulator issuing fines of £33.3m in 2022, a 77% increase from th...

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ISSB standards provide a ‘real purpose’ for young people to join accountancy profession
Accounting Firms

ISSB standards provide a ‘real purpose’ for young people to join accountanc...

9m Greg Noble

ISSB standards provide a ‘real purpose’ for young ...

The standards will become effective for periods commencing on or after 1 January 2024 Read More...

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Audit teams must collaborate to weather economic storm, experts say
Audit

Audit teams must collaborate to weather economic storm, experts say

9m Greg Noble

Audit teams must collaborate to weather economic s...

33% of organisations have incorporated auditing measures to enhance resiliency against macroeconomic uncertainty into their regular audit practices Re...

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KPMG and PwC sanctioned by FRC for Eddie Stobart audits
Accounting Firms

KPMG and PwC sanctioned by FRC for Eddie Stobart audits

9m Greg Noble

KPMG and PwC sanctioned by FRC for Eddie Stobart a...

After cooperating with the inquiry, the firms and partners received a reduction in fines Read More...

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