Big accountancy firms fail to monitor AI’s impact on audit quality, says FRC
Accounting Firms

Big accountancy firms fail to monitor AI’s impact on audit quality, says FR...

2w Accountancy Age

Big accountancy firms fail to monitor AI’s impact ...

The FRC has warned that big accountancy firms aren’t tracking how AI tools affect audit quality, raising concerns over oversight amid growing reliance...

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Big Four firms fined over exam cheating scandal
Big Four

Big Four firms fined over exam cheating scandal

2w Accountancy Age

Big Four firms fined over exam cheating scandal

The Dutch arms of Deloitte, PwC and EY have been fined a combined $8.5mn after US regulators uncovered widespread exam cheating involving “hundreds” o...

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KPMG fined £1.25m for Carr’s Group audit breaches
Audit

KPMG fined £1.25m for Carr’s Group audit breaches

4w Accountancy Age

KPMG fined £1.25m for Carr’s Group audit breaches

KPMG has been fined £1.25m by the Financial Reporting Council (FRC) over serious breaches of audit independence rules during its 2021 audit of farm an...

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Council prepares for potential government bailout
FRC

Council prepares for potential government bailout

4w Accountancy Age

Council prepares for potential government bailout

Council weighs in £40,000 CIPFA intervention amid £37m budget black hole Read More...

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FRC sets out plans for UK sustainability assurance standard
Accounting Standards

FRC sets out plans for UK sustainability assurance standard

1m Accountancy Age

FRC sets out plans for UK sustainability assurance...

The Financial Reporting Council (FRC) has opened consultation on a proposed UK version of a new global sustainability assurance standard, aiming to gi...

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EY faces £2bn lawsuit over “extremely serious” audit failings at NMC Health
Audit

EY faces £2bn lawsuit over “extremely serious” audit failings at NMC Health

2m Accountancy Age

EY faces £2bn lawsuit over “extremely serious” aud...

The UK accounting watchdog has identified “extremely serious” failings in EY’s audits of NMC Health, according to claims aired at the High Court this ...

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EY fined £4.9m for failing to meet standards in Thomas Cook audit
Audit

EY fined £4.9m for failing to meet standards in Thomas Cook audit

3m Marina Mouka

EY fined £4.9m for failing to meet standards in Th...

The Financial Reporting Council (FRC) has fined EY nearly £5m for “serious breaches of standards” in its audits of Thomas Cook’s financial statements ...

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Talks stall on US-UK mutual recognition of accounting qualifications
ACCA

Talks stall on US-UK mutual recognition of accounting qualifications

3m Marina Mouka

Talks stall on US-UK mutual recognition of account...

Efforts to ease cross-border mobility for auditors between the US and UK have hit a roadblock, with longstanding negotiations over mutual recognition ...

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PwC fined £2.9m over audit failures at Gupta’s Wyelands Bank
Accounting Firms

PwC fined £2.9m over audit failures at Gupta’s Wyelands Bank

3m Marina Mouka

PwC fined £2.9m over audit failures at Gupta’s Wye...

The Financial Reporting Council (FRC) has fined PwC £2.9 million and issued a severe reprimand over “serious failings” in its 2019 audit of Wyelands B...

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Watchdog scrutiny puts MHA’s ISG audit and IPO at risk
Accounting Firms

Watchdog scrutiny puts MHA’s ISG audit and IPO at risk

4m Accountancy Age

Watchdog scrutiny puts MHA’s ISG audit and IPO at ...

The UK’s Financial Reporting Council (FRC) has launched an investigation into accountancy firm MHA over its audit of failed construction giant ISG, ad...

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FRC: Financial reporting quality 'vital' amid economic turbulence
Economy

FRC: Financial reporting quality 'vital' amid economic turbulence

2y Greg Noble

FRC: Financial reporting quality 'vital' amid econ...

Continuing econonmic uncertainty serves as a reminder to businesses that consistent, high-quality financial reporting is more important than ever, a F...

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Battle lines drawn on internal controls as FRC closes consultation on new Corporate Governance Code
Corporate Governance

Battle lines drawn on internal controls as FRC closes consultation on new C...

2y David Callaghan

Battle lines drawn on internal controls as FRC clo...

According to the Chartered IIA, internal audit should be placed at the forefront of a new Code Read More...

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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...

2y 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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KPMG and PwC sanctioned by FRC for Eddie Stobart audits
Accounting Firms

KPMG and PwC sanctioned by FRC for Eddie Stobart audits

2y 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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FRC announces major overhaul of UK Corporate Governance Code
Audit

FRC announces major overhaul of UK Corporate Governance Code

2y Sam Alberti

FRC announces major overhaul of UK Corporate Gover...

The proposals form part of an ongoing overhaul of audit and corporate governance in the UK Read More...

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FRC minimum standard for audit committees ‘a step in the right direction’
Audit

FRC minimum standard for audit committees ‘a step in the right direction’

2y Greg Noble

FRC minimum standard for audit committees ‘a step ...

But it may not be the solution to building consistently high-quality audits Read More...

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KPMG sanctioned for ‘rudimentary’ failings over The Works audit
Audit

KPMG sanctioned for ‘rudimentary’ failings over The Works audit

2y Greg Noble

KPMG sanctioned for ‘rudimentary’ failings over Th...

The FRC has said the admitted failings were "rudimentary and should not have occurred" Read More...

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FRC initiates investigation into EY's audit of Made.com
Accounting Firms

FRC initiates investigation into EY's audit of Made.com

2y Greg Noble

FRC initiates investigation into EY's audit of Mad...

This is the second investigation the FRC has commenced into audits by EY this week Read More...

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FRC chief to stand down amid “pivotal” time for audit reform
Audit

FRC chief to stand down amid “pivotal” time for audit reform

2y Sam Alberti

FRC chief to stand down amid “pivotal” time for au...

Sir Jon Thompson will begin leading the HS2 project with immediate effect Read More...

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FRC say materiality key to producing decision useful information
ESG

FRC say materiality key to producing decision useful information

2y Greg Noble

FRC say materiality key to producing decision usef...

The FRC wants to help firms understand what ESG information stakeholders really want Read More...

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Exam cheating can become a ‘big issue’ if not appropriately addressed
Accounting Firms

Exam cheating can become a ‘big issue’ if not appropriately addressed

2y Greg Noble

Exam cheating can become a ‘big issue’ if not appr...

The accountancy industry has been hit by several exam cheating cases over the last few years Read More...

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Deloitte hit with £1.25m FRC fine over SIG audit
Accounting Firms

Deloitte hit with £1.25m FRC fine over SIG audit

3y Sam Alberti

Deloitte hit with £1.25m FRC fine over SIG audit

The Big Four firm was found guilty of breaches in relation to cash and the audit of supplier rebates Read More...

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FRC introduces new measures to support smaller audit firms and ‘improve competition’
Audit

FRC introduces new measures to support smaller audit firms and ‘improve com...

3y Greg Noble

FRC introduces new measures to support smaller aud...

The audit regulator announced new supervisory measures to help smaller audit firms grab market share Read More...

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FRC to address ‘failing audit market’ with competitiveness measures
Audit

FRC to address ‘failing audit market’ with competitiveness measures

3y Sam Alberti

FRC to address ‘failing audit market’ with competi...

The Financial Reporting Council (FRC) has unveiled plans to stimulate competition and resilience in the UK audit market, with a view to remedying the ...

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FRC ‘disappointed’ by UK corporate reporting errors
Business

FRC ‘disappointed’ by UK corporate reporting errors

3y Sam Alberti

FRC ‘disappointed’ by UK corporate reporting error...

Both companies and their auditors must improve on cash flow statements, the regulator said Read More...

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FRC: ‘More holistic’ view on ESG reporting needed by UK companies
ESG

FRC: ‘More holistic’ view on ESG reporting needed by UK companies

3y Sam Alberti

FRC: ‘More holistic’ view on ESG reporting needed ...

Preparers of non-financial reports must consider materiality and how it serves the primary users of the statements, panelists at an FRC event said Rea...

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Audit under fire: Is the worst yet to come?
Audit

Audit under fire: Is the worst yet to come?

3y Phil Crooks

Audit under fire: Is the worst yet to come?

Auditors have been feeling the heat recently after a series of high-profile failures, but what lies ahead and are they solely to blame? Read More...

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