Audit / FRC publishes response to corporate governance reform proposals

The Financial Reporting Council (FRC) has released details of its response to the government’s green paper on corporate governance reforms, identifying the interests of stakeholders, executive remuneration, accountability of large private companies and effective enforcement as key areas of reform

Audit / Blockchain: game changer for audit?

Given its dubious black economy origins, initially there was widespread distrust of Blockchain among audit and accounting circles. But it could change audit radically if it is adopted by larger businesses and auditors are forced to review their technical capability, reports Calum Fuller

Audit / FRC confirms review of UK corporate governance code

A quarter of a century after it was first published, the Financial Reporting Council (FRC) has announced plans for a fundamental review of the UK corporate governance code, in response to its work on corporate culture and succession planning, and the government’s focus on overhauling corporate governance and business standards

Audit / FRC to review governance and culture at audit firms

The Financial Reporting Council (FRC) is to review the governance and culture at audit firms amid concerns over the effective handling of conflicts of interest and the pace of the delivery of improvements in audit quality and consistency, which its latest review suggests is not progressing fast enough.

Audit / Thomas Cook pay package flies into shareholder turbulence

FTSE 250 travel group Thomas Cook is the latest public company to come under fire from shareholders over its executive remuneration policy, with a third opposing a bonus plan for its CEO and a fifth rejecting its pay policy

Audit / EY’s Indonesian arm fined $1m over telecom audit failure

The US Public Company Accounting Oversight Board (PCAOB) has imposed a $1m (£800,000) civil penalty on EY’s network member in Indonesia for audit failure, non co-operation and violations of quality control standards

Audit / Deloitte wins slice of audit at Dairy Crest food producer

Milk, butter and cheese producer Dairy Crest Group, Britain’s largest dairy company, has announced it has chosen Deloitte as its external auditor for the year commencing 1 April 2017, ending a 20-year relationship with EY

Audit / FRC publishes best practice for audit tendering

The Financial Reporting Council (FRC) has updated its notes on best practice for audit tenders, including more emphasis on involving the whole audit committee, early engagement with firms, and the need for a long lead time, in response to companies’ experiences of mandatory rotation and retendering following changes in the regulations

Audit / FRC to review sanctions and governance code

The Financial Reporting Council (FRC) is to consult on strengthening its sanctions and changes to the corporate governance code over the course of 2017, the regulator confirmed at its annual priorities meeting reports Calum Fuller

Audit / FRC revises guidance on auditing insurance entities

The Financial Reporting Council (FRC) has published a revised practice note 20 (PN20), which brings together guidance for practitioners auditing insurance entities in the UK

Audit / IAASA adopts auditing framework for Ireland

The Irish Auditing and Accounting Supervisory Authority (IAASA) has formally adopted the auditing framework for Ireland, following Ireland signing the EU statutory audits directive and rescinded the former UK regulator oversight

Audit / Audit updates: February 2017

In our monthly roundup of developments in audit and governance, Saga and Ferrexpo audit switches, lack of transparency in academy accounts, ICSA/IA drive to improve board engagement

Accounting / EU auditors want financial regulation simplified

The European Commission’s plans for changes to the financial regulation, which governs the operation of the EU budget, should be simplified further according to a new opinion published by the European Court of Auditors (ECA), which claims there is a risk of providing too much repetitive information

Audit / Woolf: arcane accounting rules encourage poor governance

Unchecked by strong regulation and government, ignorance and greed can become widespread while questionable and opaque accounting rules obfuscate the quality of reporting and auditors miss key issues, warns Emile Woolf FCA

Audit / FRC calls for effective use of data analytics in audit

UK audit firms are at the forefront of developing and using data analytic techniques which have the potential to improve audit quality, but need to adopt a more structured approach to deployment to ensure they are effective, according to a review carried out by the Financial Reporting Council (FRC)