Audits

1-15 of 21 Articles
Clock icon 2 minutes

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

Clock icon 2 minutes

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

Clock icon 2 minutes

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

Clock icon 2 minutes

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

Clock icon 2 minutes

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

Clock icon 2 minutes

In its annual inspection, the Financial Reporting Council (FRC) noted an improvement in the audit quality of the UK's largest firms, including BDO, Deloitte, EY, Grant Thornton, KPMG, Mazars, and PwC. The FRC reported that 77% of the audits inspected were of high quality or required limited refineme

Clock icon 2 minutes

The Financial Reporting Council (FRC) has handed out a fine of £1.3 million to KPMG and its former employee Stuart Peter James Smith for audit failings, after it concluded its investigation into the statutory audit of Luceco Plc's financial statements for the financial year ended 31

Clock icon 3 minutes

Deloitte and audit engagement partner Simon Manning have been fined nearly £1 million for failings regarding the statutory audits of SIG plc's 2015 and 2016 financial statements. The Financial Reporting Council (FRC) has issued a final settlement decision notice under the audit enforcemen

Clock icon 3 minutes

The Financial Reporting Council (FRC) has announced new supervision measures to support smaller audit firms seeking to grow their share of the audit market without compromising audit quality. Tier 2 and tier 3 firms audit a minority of listed companies and other public interest entities (PIEs) withi

Clock icon 1 minute

Audit costs are set to rise by as much as 50% for businesses next year, BDO managing partner Paul Eagland has warned. Mr Eagland said: “I think we’ll see fee inflation next year ... of around 20 per cent,” adding “For certain audits, it could be 50 per cent".

1-15 of 21 Articles