Audits

In what marks the first time the Financial Conduct Authority (FCA) has fined an audit firm, the regulator has issued PwC a £15 million penalty for failing to report suspicions of fraud at now-defunct London Capital & Finance (LCF).

The Financial Conduct Authority (FCA) has censured the auditor Macintyre Hudson LLP (MHA) for failing to prepare client assets reports to the required standard.

The Financial Reporting Council's (FRC) Annual Review of Audit Quality revealed a disappointing performance from BDO and Forvis Mazars, whose audit results fell significantly below expectations. The results are based on a risk-based sample of the audits undertaken by 'Tier 1' audit firms, which

The Financial Reporting Council (FRC) has issued a record £48.2 million in fines last year, surpassing the previous year's total. This increase is due to the conclusion of several high-profile cases, including investigations into the audits of collapsed contractor Carillion and the scandal-hit

The Institute of Chartered Accountants of Scotland (ICAS) has expressed its support for the new UK government's economic growth agenda, particularly welcoming the long-awaited commitment to audit reform and corporate governance, set out in a packed King’s Speech. The commitment to bring f

Audit firms have consistently failed to raise alarms ahead of three-quarters of major UK corporate collapses since 2010, according to The Audit Reform Lab, sparking concerns about auditors neglecting a key duty. A study by the University of Sheffield’s Audit Reform Lab revealed that 75% of aud

The Financial Reporting Council (FRC), has imposed hefty fines on accounting giants PwC and EY, along with a smaller firm, Oliver Clive & Co, for audit failures related to London Capital & Finance (LCF), a collapsed investment group. PwC and EY were fined £4.9 million and £4.4m r

KPMG has been fined £1.5 million by the Financial Reporting Council (FRC) for "serious failings" in its audit of prominent advertising agency M&C Saatchi.

The Financial Reporting Council (FRC) issued a historic number of fines in 2023, totalling £33.2 million, surpassing the previous year's record.

Richard Moriarty, the new chief executive of the UK’s Financial Reporting Council (FRC), has expressed his stance on the Big Four firm's reign over the UK audit market. In contrast to his predecessor, Mr Moriarty expressed lesser concern if Deloitte, EY, KPMG, and PwC continue their near-total

Responding to the omission of the Audit and Corporate Governance Reform Bill from the King’s Speech today, ICAS has warned of a detrimental impact and calls for the government to rethink its position. ICAS strongly advocates that the reforms that were intended to be included in the Audit and C

KPMG has been slapped with a record £21 million fine by the Financial Reporting Council (FRC) over its mishandling of the audits for Carillion, the government contractor that collapsed in 2018.

The Institute of Chartered Accountant of Scotland has responded to the uncertainty surrounding the reform of the UK's audits regulations after it was revealed that the legislative reforms needed to drive the overhaul is expected to be dropped from the King's Speech in November. J Bruce Cartwrig

The proposed reform of the UK's auditors has been delayed again, prolonging the uncertainty the industry has dealt with for the past four years. Since 2019, the Financial Reporting Council (FRC) has been poised to transform into the Audit, Reporting and Governance Authority (Arga). This new body, en

Audit fees for major UK companies have seen a significant uptick over the past year, as the demand for enhanced audit quality has grown following various industry scandals. Data from Thomson Reuters highlighted that the top 500 UK companies, including prominent names such as Tesco, Barclays, and Uni