Auditing

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 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 / 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formally adopted the auditing framework for Ireland, following Ireland signing the EU statutory audits directive and rescinded the former UK regulator oversight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)

Audit / PwC wins QinetiQ defence technology audit

QinetiQ Group, the FTSE 250 multinational defence technology specialist, has become the latest company to announce a change of auditor in order to meet with new rotation requirements, and has appointed PwC to replace KPMG, which has held the position for 16 years

Audit / McLaren: FRC’s vision for audit as the Competent Authority

As the Financial Reporting Council gears up as the overarching Competent Authority for audit oversight after the introduction of the EU Audit Regulations and Directive last year, Melanie McLaren, executive director for audit at the Financial Reporting Council (FRC) sets out the regulator's vision for the future of audit

Audit / IESBA consults on revised code of ethics for auditors

The International Ethics Standards Board for Accountants (IESBA) has released a three-art consultation on the final plans to restructure the Code of Ethics for Professional Accountants, setting out more robust ethics requirements for accountants with a view to finalising the Code by the end of the year
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