Audit

Audit / PwC barred in Ukraine over bank audit

The National Bank of Ukraine has put out a statement saying it has removed PwC from the register of accounting firms authorised to audit banks, because of ‘misrepresented financial information’ in the audit of CB Privatbank, the largest commercial bank in the country, resulting in a $5.5bn (£4.2bn) ‘black hole’ in the balance sheet

Audit / BBC switches £2m audit to National Audit Office as EY bows out

EY faces a £2m loss in annual audit fees as it steps down from the BBC audit as the National Audit Office (NAO) takes over the contract for the 2017/18 financial years and is currently negotiating the transition

Audit / FRC revises UK ISAs to reflect ethics code changes

The Financial Reporting Council (FRC) has issued a revision of ISA (UK) 250 Section A—Consideration of laws and regulations in an audit of financial statements, and conforming amendments to other ISAs (UK), in response to changes made to the International Code of Ethics issued by the International Ethics Standards Board for Accountants (IESBA)

Audit / KPMG takes over from Deloitte at Senior Group

KPMG is to take over from Deloitte as auditor to international manufacturing group Senior, after the aerospace and engineering specialist concluded a tender process

Audit / FRC lab calls for feedback on role of audit committees

The Financial Reporting Council (FRC) is looking for stakeholders and investors to take part in its first Audit and Assurance Lab pilot project exploring the role of audit committee reporting and its role in promoting audit quality, which is set to start this month

Audit / Higgins: FRC dropping Tesco probe not a sign of weakness

The Financial Reporting Council (FRC) may have called off its investigation into PwC’s audit of Tesco accounts, but as the regulator's investigation into the audit of BT illustrates, it should not be seen as a let-up of the its focus on the larger accountancy firms, says Jenny Higgins, senior associate at law firm Kingsley Napley 

Audit / Evans: more transparency needed on FRC fines

Helen Evans, barrister at 4 New Square Chambers, examines the recent acceleration of fines imposed by the FRC Disciplinary Tribunal, and what it means for the future

Audit / AQIs 2017: how the major accounting firms performed in annual audit inspections

A summary of FRC's latest AQI reports includes, audit firms hauled over revenue recognition and ethical standards, third of KPMG audits flagged for improvement, EY rapped over audit completion process, Grant Thornton told to improve internal controls

Audit / Audit updates: July 2017

In our monthly roundup of developments in audit and governance, FRC case reports finds aspects of Connaught unauditable, KPMG wins £15m BT audit from PwC, and charity audit practice note PN11 revision

Audit / NAO hits targets despite more challenging audits

According to the National Audit Office’s (NAO) 2016/17 annual report, it has spent £100,000 less this year compared to 2015/16 despite cuts to public sector funding resulting in more challenging audits, with the regulator also excelling with its diversity targets

Audit / Woolf: time to grasp the nettle on partnerships

An overhaul of partnerships at Big Four firms is the only way to achieve real accountability, argues Emile Woolf FCA while suggesting that limited liability partnerships should be abolished and auditors should stick to auditing

Audit / KPMG resigns as auditor of Pret A Manger

KPMG has resigned its position as auditor of sandwich and coffee chain Pret A Manger, amid rumours it is gearing up for an initial public offering (IPO) on the New York Stock Exchange

Audit / Royal Family set for a £2.8m rise in sovereign grant

The Queen is set for an additional £2.8m a year in funds to finance the Royal Family, based on the current calculations for the sovereign grant, which stands at £42.8m

Tax / Fourth Anti-Money Laundering Directive: what you need to know

From changes to politically exposed persons (PEP) to beneficial ownership registers, the newly enforceable Fourth Anti-Money Laundering Directive (4MLD) will force a due diligence rethink, warn Lisa Osofsky, managing director and Sarah Adenaike of Exiger LLC

Audit / Editor's comment: ethics takes back seat in eyes of audit inspectors

The opaque world of limited liability partnerships may be set for a period of greater scrutiny with a spate of audit scandals rocking firms and a fairly dismissal level of adherence to acceptable ethical standards in the latest audit quality inspection (AQI) round, says Sara White, editor of Accountancy
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