FRC to investigate KPMG’s Conviviality audit
Audit

FRC to investigate KPMG’s Conviviality audit

6y Accountancy Age

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

6y 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

6y Accountancy Age

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

6y Accountancy Age

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

6y Accountancy Age

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

6y Accountancy Age

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

6y Accountancy Age

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

6y Accountancy Age

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

6y Accountancy Age

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

6y Accountancy Age

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

6y Accountancy Age

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

6y Accountancy Age

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

6y Carl Johnson

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

6y Accountancy Age

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

7y Accountancy Age

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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FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’
Accounting Firms

FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full ...

7y Accountancy Age

FRC closes KPMG HBOS audit investigation, Treasury...

KPMG ‘did not fall significantly short of the standards reasonably to be expected of the audit’, according to the FRC, but the Treasury Committee has ...

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PwC fined a record £5.1m by the FRC over RSM Tenon audit
Audit

PwC fined a record £5.1m by the FRC over RSM Tenon audit

7y Accountancy Age

PwC fined a record £5.1m by the FRC over RSM Tenon...

PwC and partner Nicholas Boden have been severely reprimanded and fined over admitted misconduct relating to RSM Tenon audit Read More...

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BDO overtakes KPMG to take top spot in AIM auditor rankings
Accounting Firms

BDO overtakes KPMG to take top spot in AIM auditor rankings

7y Accountancy Age

BDO overtakes KPMG to take top spot in AIM auditor...

While BDO tops the list of total AIM clients, PwC triumphs when looking at the aggregate client market-cap Read More...

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Demand for audit skills exceeding supply
Audit

Demand for audit skills exceeding supply

7y Accountancy Age

Demand for audit skills exceeding supply

In response to changes in the audit environment, the profession contracted. There is now a gap between supply and demand, with the demand for audit sk...

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Membership of the accountancy profession on the rise
Accounting Standards

Membership of the accountancy profession on the rise

7y Accountancy Age

Membership of the accountancy profession on the ri...

Between the years 2012-2016, membership of UK & Ireland accounting bodies grew by 3.2% worldwide and 2.4% in the UK & Ireland, according to th...

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FRC launches investigation into PwC over BT audits
Accounting Firms

FRC launches investigation into PwC over BT audits

7y Accountancy Age

FRC launches investigation into PwC over BT audits

The investigation relates to PwC’s audits of the financial statements of BT Group between the years March 2015 and 2017 Read More...

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Which top firms need to improve audit practice?
Accounting Firms

Which top firms need to improve audit practice?

7y Accountancy Age

Which top firms need to improve audit practice?

The FRC has conducted research into the audit quality of the top six firms, with PwC coming out on top Read More...

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FRC closes investigation into PwC over Tesco accounts
Accounting Firms

FRC closes investigation into PwC over Tesco accounts

7y Accountancy Age

FRC closes investigation into PwC over Tesco accou...

The Financial Reporting Council has announced the closure of an investigation into PwC’s auditing and accounting of Tesco Read More...

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Ex-RSM Tenon CEO fined; ex-FD and PwC face complaints over its accounting
Accounting Standards

Ex-RSM Tenon CEO fined; ex-FD and PwC face complaints over its accounting

7y Kevin Reed , Writer

Ex-RSM Tenon CEO fined; ex-FD and PwC face complai...

Former RSM Tenon CEO Andy Raynor fined and reprimanded over its accounting, with both its former FD and auditor PwC facing complaints from the FRC Rea...

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Sports Direct implements FRC corrections in annual reporting
Accounting Standards

Sports Direct implements FRC corrections in annual reporting

7y Stephanie Wix , Writer

Sports Direct implements FRC corrections in annual...

Corrective action has been taken by Sports Direct into its international stores reporting, following a review by accounting's watchdog Read More...

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CIIA appoints ex-FRC chief Paul Boyle as president
Company News

CIIA appoints ex-FRC chief Paul Boyle as president

7y Stephanie Wix , Writer

CIIA appoints ex-FRC chief Paul Boyle as president

Paul Boyle is appointed as the president of the Chartered Institute of Internal Auditors Read More...

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FRC appoints former ICAEW president to its board
People Practice

FRC appoints former ICAEW president to its board

7y Stephanie Wix , Writer

FRC appoints former ICAEW president to its board

Paul Druckman has been appointed to the board of the Financial Reporting Council (FRC) Read More...

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