Regulator hits KPMG with £3m fine for “serious” audit misconduct

Accounting Firms Regulator hits KPMG with £3m fine for “serious” audit misconduct

1w Sam Alberti

Regulator hits KPMG with £3m fine for “serious” au...

The sanctions relate to the firm’s audit of Conviviality PLC between 2017 and 2018 Read More...

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Managed shared audit “insufficient”, ICAEW argues

Audit Managed shared audit “insufficient”, ICAEW argues

2m Sam Alberti

Managed shared audit “insufficient”, ICAEW argues

Stakeholders have expressed little support for the plans Read More...

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FRC CEO: cost makes UK SOX “key political decision”

Audit FRC CEO: cost makes UK SOX “key political decision”

4m Sam Alberti

FRC CEO: cost makes UK SOX “key political decision...

Ministers are currently assessing a series of proposals to strengthen UK audit Read More...

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Audit reform urgently needed to remedy “glacial” progress

Audit Audit reform urgently needed to remedy “glacial” progress

5m Sam Alberti

Audit reform urgently needed to remedy “glacial” p...

FRC audit quality scores reflect "unacceptable" performances from some firms and reinforce need for government reforms Read More...

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FRC looks to extend rent concessions for retailers

Business FRC looks to extend rent concessions for retailers

9m Valerie Hart

FRC looks to extend rent concessions for retailers

With many retailers still reeling from the impact of the lockdowns, the Financial Reporting Council (FRC) has proposed extending the application perio...

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FRC launches investigation into Lookers audit

Big Four FRC launches investigation into Lookers audit

10m Aoife Morgan

FRC launches investigation into Lookers audit

Regulatory body has launched an investigation into Deloitte’s auditing practices for the years ending 2017 and 2018 Read More...

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Autonomy auditors criticised in FRC investigation

Audit Autonomy auditors criticised in FRC investigation

1y Aoife Morgan

Autonomy auditors criticised in FRC investigation

Former Deloitte partners failed to act with “professional scepticism” Read More...

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FRC fines KPMG £700,000 for poor audit

Audit FRC fines KPMG £700,000 for poor audit

2y Tom Lemmon

FRC fines KPMG £700,000 for poor audit

The FRC has fined KPMG UK £700,000 and reprimanded KPMG UK’s former senior partner for Manchester, Nicola Quayle for a “failure to apply sufficient pr...

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Exclusive: Interview with Sir Donald Brydon – "Last chance saloon" for audit

Accounting Firms Exclusive: Interview with Sir Donald Brydon – "Last chance saloon" for audit

2y Chris Jewers

Exclusive: Interview with Sir Donald Brydon – "Las...

Speaking exclusively to Accountancy Age in the first of a two-part series, Sir Donald Brydon - author of the report into the effectiveness and quality...

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Audit industry stalemate shows signs of shifting

Audit Audit industry stalemate shows signs of shifting

2y Chris Jewers

Audit industry stalemate shows signs of shifting

Signs that the UK’s audit industry would reform had slowed in the New Year, but with Brexit almost over the line and an impending cabinet reshuffle, w...

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Brydon and the audit gap: Expectations, definitions and fraud

Accounting Standards Brydon and the audit gap: Expectations, definitions and fraud

2y Chris Jewers

Brydon and the audit gap: Expectations, definition...

Sir Donald Brydon’s report into the quality and effectiveness of audit was published at the end of 2019, and in it, Brydon tackles the issues of the a...

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Audit quality: Why do FRC fines keep increasing?

Regulatory Bodies Audit quality: Why do FRC fines keep increasing?

2y Leanna Reeves

Audit quality: Why do FRC fines keep increasing?

As the value of fines on audit firms issued by the FRC increases, experts reflect on why the regulator’s approach has changed and how this has impacte...

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FRC extends Thomas Cook investigation to more statements audited by EY

Accounting Firms FRC extends Thomas Cook investigation to more statements audited by EY

2y Chris Jewers

FRC extends Thomas Cook investigation to more stat...

The UK’s audit and accountancy watchdog has announced it will expand its investigation into EY’s auditing of Thomas Cook’s financial statements to inc...

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FRC revises standards in bid to strengthen audit confidence

Accounting Standards FRC revises standards in bid to strengthen audit confidence

2y Chris Jewers

FRC revises standards in bid to strengthen audit c...

The FRC has issued revised ethical and auditing standards in an effort to strengthen auditor independence and ban conflicts of interest. Read More...

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Nominate your story of the decade

Practice Nominate your story of the decade

2y Shannon Moyer

Nominate your story of the decade

Accountancy Age’s Decade Survey is now open for anyone within accounting and adjacent industries. Read More...

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The top UK accounting scandals of 2019

Big Four The top UK accounting scandals of 2019

2y Shannon Moyer

The top UK accounting scandals of 2019

Looking back on the financial scandals, auditing failures and fraudulent accounting of 2019 that made headlines and instigated industry change. Read M...

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FRC releases revised UK Stewardship Code

Business FRC releases revised UK Stewardship Code

2y Leanna Reeves

FRC releases revised UK Stewardship Code

The Financial Reporting Council (FRC) has just launched a revised version of the UK Stewardship Code, which directly addresses issues raised by Sir Jo...

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PwC bosses to face questions from MPs over Thomas Cook

Big Four PwC bosses to face questions from MPs over Thomas Cook

2y Chris Jewers

PwC bosses to face questions from MPs over Thomas ...

Bosses from Big Four firms PwC and EY will face questions from MPs, with PwC in particular coming under fire following accusations of a conflict of in...

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Deloitte auditor accused of recklesness at FRC tribunal

Audit Deloitte auditor accused of recklesness at FRC tribunal

2y Shannon Moyer

Deloitte auditor accused of recklesness at FRC tri...

On the first day of the long-running Financial Reporting Council's disciplinary tribunal, Deloitte's auditors have been called "reckless" and subjecti...

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FRC launches investigation into EY's Thomas Cook auditing

Big Four FRC launches investigation into EY's Thomas Cook auditing

2y Shannon Moyer

FRC launches investigation into EY's Thomas Cook a...

Following the collapse of Thomas Cook, the regulatory body has launched an investigation into EY's auditing practices within the travel company for th...

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Thomas Cook: Case for investigation to be assessed by FRC

Accounting Firms Thomas Cook: Case for investigation to be assessed by FRC

2y Chris Jewers

Thomas Cook: Case for investigation to be assessed...

The FRC has the power to investigate Thomas Cook’s auditors and any accountants that work for the company who are registered with a professional body ...

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FCA clarifies stance on Cryptoassets

Technology FCA clarifies stance on Cryptoassets

2y Chris Jewers

FCA clarifies stance on Cryptoassets

In its official release, the FCA said: “Consumers should be cautious when investing in such cryptoassets and should ensure they understand and can bea...

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Patisserie Valerie: Restructuring firm FRP to take over from KPMG

Grant Thornton Patisserie Valerie: Restructuring firm FRP to take over from KPMG

3y Chris Jewers

Patisserie Valerie: Restructuring firm FRP to take...

FRP Advisory, a restructuring firm, were chosen by creditors that include HMRC and Luke Johnson, the former chairman of Patisseries Valerie. Read More...

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FRC announce HMRC CEO Jon Thompson as replacement for Haddrill

HMRC FRC announce HMRC CEO Jon Thompson as replacement for Haddrill

3y Tom Lemmon

FRC announce HMRC CEO Jon Thompson as replacement ...

HMRC CEO Sir Jon Thompson will replace Stephen Haddrill as chief executive of the FRC as it transitions into the new regulator, ARGA Read More...

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FRC audit inspection finds no improvement on last year

Accounting Firms FRC audit inspection finds no improvement on last year

3y Chris Jewers

FRC audit inspection finds no improvement on last ...

75% of FTSE 350 audits assessed as good or requiring limited improvements, failing to meet the FRC's 90% target Read More...

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Feedback led to change in FRS102 on Director’s Loans

Accounting Standards Feedback led to change in FRS102 on Director’s Loans

3y Tom Lemmon

Feedback led to change in FRS102 on Director’s Loa...

Comments and push-back from accountants led to the change in FRS102 which gives an exemption on director’s loans, according to Steve Collings. Read Mo...

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KPMG bullying allegations “only scratching the surface” in industry

Big Four KPMG bullying allegations “only scratching the surface” in industry

3y Dave Beach

KPMG bullying allegations “only scratching the sur...

As KPMG's Sanjay Thakkar steps down amid a complaint to the FRC, a legal specialist suggests more investigations are likely in professional services R...

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