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 / Independent review of FRC audit sanctions and penalties out for consultation

In a bid to improve the disciplinary oversight regime for auditors and accountants, the Financial Reporting Council (FRC) has given the green light for work to start on the independent review of the sanctions imposed under the audit watchdog's enforcement procedure 

Audit / IAASB to overhaul ISA 540 for audit of accounting estimates

The International Auditing and Assurance Standards Board (IAASB) is consulting on proposals to significantly overhaul ISA 540, the auditing standard which governs how auditors evaluate accounting estimates and related disclosures

Audit / Ireland confirms switch to FRC auditing framework

Ireland has adopted the Financial Reporting Council (FRC) auditing framework for the UK, following feedback on the Irish Auditing and Accounting Supervisory Authority’s (IAASA) consultation over which existing audit framework should be adopted by Ireland

Audit / FRC consults on revisions to ISA (UK) 250

The Financial Reporting Council (FRC) has launched a consultation on proposed revisions to ISA (UK) 250, Section A – Consideration of Laws and Regulations in an Audit of Financial Statements, and conforming amendments to other UK standards, which are intended to bring it into line with agreed international ethics standards

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 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 / 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

Audit / DfE reviewing consolidated financial reporting on academy schools

The Department for Education (DfE) is set to change the way consolidated financial information for the academy schools sector is reported to parliament although this should have limited effect on the audit process

Audit / FRC to update Practice Note 20 for insurance audit to reflect ISAs

The Financial Reporting Council (FRC) has issued a consultation on plans to revise Practice Note 20: the Audit of Insurers in the UK to update information on audit of regulatory returns and to reflect ISA changes 

Audit / IAASA consults on future auditing framework for Ireland

The Irish Auditing and Accounting Supervisory Authority (IAASA) has released a consultation on the future auditing framework for Ireland, as it takes over standard setting from the UK’s Financial Reporting Council (FRC), with response required within 30 days

Audit / FCA consults on conduct issues under revised MiFID II

The Financial Conduct Authority (FCA) has published a third consultation paper on  implementation of the revised EU Markets in Financial Instruments Directive (MiFID II) with proposals on conduct, inducement, adviser charging and disclosure of costs 

Audit / CIIA review of code for internal audit in financial services

The Chartered Institute of Internal Auditors (CIIA) has launched a consultation as part of an independent review of its code for effective internal audit in the financial services sector, in a move to address governance concerns which has been welcomed by Ed Balls, former shadow Chancellor, as a ‘vital part of improving the City’s risk management’

Audit / IAASB consults on development of external reporting

The International Auditing and Assurance Standards Board (IAASB) has released a discussion paper exploring ways to improve the quality and scope of external reporting for entities  by identifying critical emerging reporting issues for auditors and company reporters 

Audit / FRC consults on adopting ISAs 800 and 805 under Solvency II

The Financial Reporting Council (FRC) is consulting on the adoption of International Standards on Auditing (ISAs) 800 and 805 in the UK, to help support auditors in providing assurance over public reporting in the insurance sector under Solvency II