IAASB announces proposed ISA 315 changes

Audit IAASB announces proposed ISA 315 changes

4y Emanuela Hawker, Reporter

IAASB announces proposed ISA 315 changes

IAASB has recently released their largely supported consultation proposals on ISA 315 Read More...

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FRC shout for independence, viability and higher quality in the UK audit market

Audit FRC shout for independence, viability and higher quality in the UK audit market

4y Lucy Skoulding, Reporter

FRC shout for independence, viability and higher q...

FRC's deputy director of audit policy Mark Babington on why the audit industry needs an overhaul and what the group plans to do to improve it Read Mor...

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Is it time for moratorium on board room positions for former partners?

Accounting Standards Is it time for moratorium on board room positions for former partners?

4y Gary Dixon, Association of Independent Non-Executive Directors

Is it time for moratorium on board room positions ...

The recent £4m fine issued to Grant Thornton is a wake-up call to aspiring independent non-executive board members, who must be demonstrably independe...

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FTSE 350 focusing increasingly on non-financial matters according to Deloitte

Business FTSE 350 focusing increasingly on non-financial matters according to Deloitte

4y Lucy Skoulding, Reporter

FTSE 350 focusing increasingly on non-financial ma...

Big Four firm Deloitte analysed 100 FTSE company reports to find that nearly a third are considering non-financial matters in line with the new Corpor...

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FRC investigating Grant Thornton's Sports Direct audits

Practice FRC investigating Grant Thornton's Sports Direct audits

4y Lucy Skoulding, Reporter

FRC investigating Grant Thornton's Sports Direct a...

Mike Ashley's Sports Direct allegedly made hundred of thousands of pounds in undisclosed payments to his brother's company, Barlin Deliveries Read Mor...

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Fined by FRC: Grant Thornton next in the firing line

Audit Fined by FRC: Grant Thornton next in the firing line

4y Emanuela Hawker, Reporter

Fined by FRC: Grant Thornton next in the firing li...

Doubts about the FRC’s efficiency continue to plague the watchdog body Read More...

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FRC competence review leaves watchdog on tenterhooks

Audit FRC competence review leaves watchdog on tenterhooks

4y Lucy Skoulding, Reporter

FRC competence review leaves watchdog on tenterhoo...

The Financial Reporting Council faced serious criticism from shareholders, accountants, and fund managers following the accounting scandals of the las...

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KPMG fined and reprimanded over Ted Baker audits

Audit KPMG fined and reprimanded over Ted Baker audits

4y Lucy Skoulding, Reporter

KPMG fined and reprimanded over Ted Baker audits

The offenders admitted breaching ethical standards and losing independence in the audits Read More...

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FRC data on Big Four audits may highlight need for industry overhaul

Audit FRC data on Big Four audits may highlight need for industry overhaul

4y Lucy Skoulding, Reporter

FRC data on Big Four audits may highlight need for...

New FRC data shows that audit fees across EY, Deloitte, KPMG, and PwC rose by nearly 6 percent in 2016/17 compared with a 2.7 percent rise the previou...

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FRC finds audit failures in UK pension scheme reporting

Audit FRC finds audit failures in UK pension scheme reporting

4y Lucy Skoulding, Reporter

FRC finds audit failures in UK pension scheme repo...

Nearly half of the audit work for pensions valuations inspected by the watchdog this year was found to have problems Read More...

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FRC fines reach record high after 24% increase this year

Audit FRC fines reach record high after 24% increase this year

4y Alia Shoaib, Reporter

FRC fines reach record high after 24% increase thi...

After a string of high profile audit failings, including the collapse of Carillion, the FRC has been under increasing pressure from the government and...

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New FRC Corporate Governance Code focuses on culture and diversity

Audit New FRC Corporate Governance Code focuses on culture and diversity

4y Lucy Skoulding, Reporter

New FRC Corporate Governance Code focuses on cultu...

The FRC's new Corporate Governance Code promotes trust, transparency and integrity in business in the face of the recent call for audit reforms Read M...

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FRC to investigate KPMG’s Conviviality audit

Audit FRC to investigate KPMG’s Conviviality audit

4y Alia Shoaib, Reporter

FRC to investigate KPMG’s Conviviality audit

The FRC is investigating KPMG over its 2017 audit of Conviviality, which went into administation in April after finding an unexpected tax bill of £30m...

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FRC's new Sanctions Guidance – the changes considered

Regulation FRC's new Sanctions Guidance – the changes considered

4y DAC Beachcroft

FRC's new Sanctions Guidance – the changes conside...

The FRC's new Accountancy Scheme Sanctions Guidance took effect on 1 June 2018. At this challenging time for both the profession and its regulator, a ...

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PwC auditor spent just two hours on BHS audit, says chairman

Audit PwC auditor spent just two hours on BHS audit, says chairman

4y Alia Shoaib, Reporter

PwC auditor spent just two hours on BHS audit, say...

In a damning email circulated to PwC partners, Kevin Ellis said Steve Denison spent only two hours on the audit and backdated his audit opinion Read M...

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FRC reports an “unacceptable deterioration” in KPMG audit quality

Audit FRC reports an “unacceptable deterioration” in KPMG audit quality

4y Alia Shoaib, Reporter

FRC reports an “unacceptable deterioration” in KPM...

The report found that half of KPMG's audits needed more than limited improvements, and will now increase scrutiny on the firm's upcoming audit work Re...

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PwC fined a record £10m over BHS audit

Audit PwC fined a record £10m over BHS audit

4y Alia Shoaib, Reporter

PwC fined a record £10m over BHS audit

The record fine comes after a two-year investigation into BHS’s 2014 audits, which PwC had signed off on just days before its sale for £1 Read More...

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KPMG fined £4.5m over Quindell audit misconduct

Audit KPMG fined £4.5m over Quindell audit misconduct

4y Alia Shoaib, Reporter

KPMG fined £4.5m over Quindell audit misconduct

The firm admitted to two counts of misconduct and said that it "should have gone further" in challenging the scandal-ridden company's accounts Read Mo...

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Deloitte faces disciplinary action over Autonomy accounts scandal

Audit Deloitte faces disciplinary action over Autonomy accounts scandal

4y Alia Shoaib, Reporter

Deloitte faces disciplinary action over Autonomy a...

The FRC has brought disciplinary action against Deloitte auditors over their failure to adequately challenge issues with Autonomy’s accounts, which le...

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FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

5y Alia Shoaib, Reporter

FRC introduces £10m sanctions for Big Four firms

After increased pressure to take a tougher stance against Big Four firms for audit breaches, the FRC has implemented a range of sanctions Read More...

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Deal signed between ICAS and US accounting bodies

Business Deal signed between ICAS and US accounting bodies

5y Lucy Skoulding, Reporter

Deal signed between ICAS and US accounting bodies

The agreement will create opportunities for professionals to work in other countries Read More...

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Financial Power List 2018: 6-10 revealed

Brexit Financial Power List 2018: 6-10 revealed

5y Lucy Skoulding, Reporter

Financial Power List 2018: 6-10 revealed

We reveal who has made positions 6-10 on the Financial Power List 2018 Read More...

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Winfried Bischoff, Chairman, FRC

People In Practice Winfried Bischoff, Chairman, FRC

5y Alia Shoaib, Reporter

Winfried Bischoff, Chairman, FRC

After an extensive career in banking Bischoff became chairman of the FRC in 2014 Read More...

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Top 5 audit fines of 2017

Audit Top 5 audit fines of 2017

5y Alia Shoaib, Reporter

Top 5 audit fines of 2017

This year has seen the FRC cracking down on audit misconduct, handing out a series of record fines to the Big Four firms. Here are some of the biggest...

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The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

5y Carl Johnson, Stephensons

The ‘uncomfortable truth’ behind FRC’s Big Four fi...

Could large fines for the Big Four even the playing field for smaller firms? Read More...

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FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

5y Alia Shoaib, Reporter

FRC urged to fine Big Four firms penalties over £1...

An independent review suggested fines of £10m or over would be appropriate in instances of “seriously poor” audit work Read More...

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FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

5y Alia Shoaib, Reporter

FRC closes investigation into PwC over Barclays co...

The accountancy watchdog said the investigation was dropped as there was not a 'realistic prospect that a tribunal would make an adverse finding again...

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