Audits

The Financial Reporting Council (FRC) has closed its investigation into KPMG over the auditing firm's work on Entain, the owner of Ladbrokes. The probe, announced in January 2025, centred on Entain's financial statements for the year ended 31 December 2022. It followed significant legal troubles for

The accountancy regulator has issued what it describes as the world's first guidance on the use of artificial intelligence in auditing, making clear that firms cannot hold the technology responsible when things go wrong. Mark Babington, executive director of regulatory standards at the Financial Rep

KPMG is cutting nearly 600 jobs across its UK audit and advisory divisions as the Big Four firm grapples with sluggish market conditions and mounting cost pressures. Around 440 assistant manager roles in the audit business are at risk, out of a total of 590 positions identified for potential redunda

EY has set aside nearly £200 million to cover regulatory fines and legal claims in the UK, the highest level ever disclosed by the firm, as it confronts a growing number of challenges to the quality of its audit work. According to its annual report filed at Companies House, EY increased its pr

ACCA (the Association of Chartered Certified Accountants) has pledged to work with the Financial Reporting Council (FRC) – the UK’s independent corporate governance and auditor regulator – to improve the audit market for smaller businesses.

The Institute of Chartered Accountants of Scotland (ICAS) has issued a strong response following the UK government’s announcement that the Audit and Corporate Governance Reform Bill has been scrapped. The accounting body's CEO, Gail Boag, described the decision as "deeply frustrating" highligh

The Financial Conduct Authority faces an uncertain future following a government U-turn on plans to overhaul how auditors are policed. Despite an announcement in the King’s Speech in July 2024 that the current Labour government would advance the long-awaited audit reform and corporate governan

The UK’s accounting regulator, the Financial Reporting Council (FRC), has opened an investigation into EY regarding its 2024 audit of energy giant Shell. This marks the third instance this year that the Big Four firm has been targeted regarding potentially unauthorised auditors signing off on

The Financial Reporting Council (FRC) has opened a new investigation into EY, intensifying the regulatory pressure on the Big Four accountancy firm. The probe concerns the issuance of "unauthorised" audit reports to unnamed companies. According to the FRC, the investigation targets the firm itself a

The Financial Reporting Council (FRC) has published its annual Audit Market and Competition Update, showing that initiatives to promote a more resilient and competitive audit market have supported firms outside of the Big Four to build their share of Public Interest Entity (PIE) audit engagements. W

The Financial Reporting Council (FRC) has released the 23rd edition of its Key Facts and Trends (KFAT) report, offering a comprehensive overview of the UK accountancy and audit landscape. This year's report highlights continued growth in the accountancy profession, with rising membership i

EY has been accused of misleading the Financial Reporting Council (FRC) over its audit of NMC Health, as the £2 billion negligence trial concerning the collapsed hospital operator nears its conclusion.

The Financial Reporting Council (FRC) has launched a coaching programme for smaller audit firms, aiming to break the stranglehold of the "Big Four" on the audits of Britain's largest companies.

EY has been appointed as Revolut's new auditor, concluding the fintech's relationship with its former auditor BDO. The change is seen as a crucial step in the company’s prolonged effort to secure a full UK banking licence.

The Institute of Chartered Accountants of Scotland (ICAS) has expressed its concern at the news the UK government is no longer planning to bring forward the already delayed and long promised audit reform and corporate governance bill in the current Parliamentary session, despite a draft bill ap