Audits

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

The Financial Reporting Council (FRC) has opened an investigation into accounting giant Deloitte over eight years of its audits for the FTSE 100 mining firm Glencore, following a major bribery conviction against the commodity trader. The FRC confirmed it is examining Deloitte's audits of Glencore an

The Financial Reporting Council (FRC) has launched an investigation into Deloitte and Azets over their audits of the collapsed fintech company, Stenn. The probe follows the company's fall into administration in December after lenders raised concerns about potentially suspicious transactions.

The Financial Reporting Council (FRC) has reported that the UK's largest accounting firms do not formally monitor how artificial intelligence affects the quality of their audits. In a review published on Thursday, the watchdog noted that while the Big Four firms – Deloitte, EY, KPMG, and PwC &

KPMG UK and one of its audit partners, Nick Plumb, have been sanctioned by the Financial Reporting Council (FRC) following the discovery of "serious" breaches in the audit of London-listed agricultural supplies company Carr's Group. The FRC's investigation into the audit for the financial year endin

Major accountancy firms are vying to establish a new generation of audits designed to verify the effectiveness and safety of artificial intelligence systems. Deloitte, EY, and PwC have confirmed they are developing AI assurance services, aiming to leverage their established reputations in financial

The Financial Reporting Council (FRC) has identified "extremely serious" failings in EY auditing of NMC Health, a London High Court heard on Monday. These findings were disclosed during a trial where the collapsed hospital operator’s administrators are suing the Big Four firm for approximately

Major UK auditing firms, including the Big Four, are requesting clearer guidance from the Financial Reporting Council (FRC) due to the economic uncertainty stemming from US President Donald Trump's fluctuating tariff regime.

Republican lawmakers are advancing plans to dismantle the Public Company Accounting Oversight Board (PCAOB), the independent US audit regulator created after the Enron scandal more than 20 years ago. The proposal, part of a broader deregulatory agenda linked to US President Donald Trump, was introdu

The Financial Reporting Council (FRC) has fined EY nearly £4.9 million for "serious" breaches of standards in its audits of the failed travel company Thomas Cook. The penalty concludes a near six-year investigation into the firm's work on Thomas Cook's accounts for the financial years 2017 and

The Financial Reporting Council (FRC) has fined PwC £2.9mn for failures in its audit of since-collapsed Wyelands Bank, which was owned by businessman Sanjeev Gupta. The Big Four firm admitted to breaching audit requirements for the bank's 2019 accounts, particularly regarding risk assessment a