Audit

Accounting / MEPs reject incomplete anti money laundering blacklist

By a large majority, MEPs have voted to reject a European Commission proposal for a blacklist of states at risk of money laundering on the grounds it is not comprehensive enough

Audit / Audit exemption saves £4.6bn but adoption rates low

Changes to the small companies audit exemption introduced in 2012 have only been taken up by a third of eligible companies although for those early adopters savings are an estimated £4.6bn overall taking into account time and money spent on audit services and internal financial activity

Audit / KPMG picks up Saga audit

FTSE 250 company Saga, which provides holidays, insurance services and financial products for the over 50s market, has chosen KPMG to replace EY as its auditor

Audit / ICSA and Investment Association drive to improve board engagement

Governance leaders in UK business and investment are launching a joint project to provide guidance on how the boards of the UK’s top companies can better reflect the views of their employees and other stakeholders in their decision making, with the aim of issuing voluntary guidance ahead of the outcome of a government consultation on improving governance

Accounting / US lawyer Clayton to head up SEC

President-elect Donald J Trump has nominated Jay Clayton as chairman of the US Securities and Exchange Committee (SEC), to take over from incumbent Mary Jo White

Tax / Predictions for 2017: no more status quo for accountants and tax advisers

In our annual review, we talk to leading tax and accounting experts about their concerns and hopes for 2017 from Brexit scenario planning to the rushed move to HMRC Making Tax Digital and a host of new financial reporting requirements. By Rachel Willcox

Audit / Audit updates: Jan 2017

In our monthly roundup of developments in audit and governance, Legal & General ends 31-year PwC term, Sports Direct probe launched, GSK moves £20m audit to Deloitte

Audit / Woolf: monetary sanctions useless in isolation

Monetary punishments for the misdemeanours of banks must be supported by meaningful changes to the audit oversight and corporate governance, says Emile Woolf FCA

Audit / NAO slates lack of transparency in DfE academy accounting

The Department for Education (DfE) has been criticised for the  ‘truth and fairness’ over the reporting of academy finances in the  year end accounts for 2015-16 as well as a £291m overspend over building projects, reports Sara White

Audit / Deloitte takes over £20m GlaxoSmithKline audit from PwC

Pharmaceutical giant GlaxoSmithKline has severed its 16-year relationship with PwC and has appointed Deloitte as its new external auditor for its £20m-plus audit after a competitive tender process which did not include the incumbent firm

Audit / PwC and ex RSM Tenon chief rapped over Group audit

The accounting regulator has fined the former CEO of the liquidated RSM Tenon Group and issued a formal disciplinary complaint against the firm’s auditor, PwC over the audit of the accounting firm, and its former finance director in relation to the preparation, approval and audit of the financial statements for the year ended 30 June 2011

Audit / GT partners with law firm to offer cyber security audits

Grant Thornton UK has teamed up with international law firm Lewis Silkin to launch a new data and cyber security audit service, which the firms say will help global organisations ensure they are compliant and minimise risks in the face of increasing data breach risk and regulation

Audit / Deloitte carves out audit role at iron-ore producer Ferrexpo

FTSE-listed Ferrexpo, a Swiss-based iron-ore producer operating in Ukraine, is to change auditors and has appointed Deloitte to succeed current incumbent EY, who have handled the audit since 2007

Audit / Legal & General ends 31-year PwC audit relationship

FTSE 100 insurance giant, Legal & General Group plc plans to switch auditor from the incumbent PwC to KPMG after over three decades with the Big Four firm in a three-way pitch

Audit / Rolls-Royce hires PwC for £5.9m audit

PwC has picked up the audit contract for Rolls-Royce Holdings plc after a 26-year long audit relationship with Big Four rival KPMG
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