Consultations

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

Audit / Charity Commission consults on external scrutiny of charity accounts

Following failures of governance at charities such as the Kids Company, the Charity Commission has issued a consultation on changes to guidance on the external scrutiny of charity accounts and the introduction of a simpler format for the examiner’s report to improve transparency

Audit / Charity Commission consults on trustee disqualification powers

The Charity Commission has launched a three-month public consultation on how it should implement new powers to disqualify certain persons from being trustees in circumstances where they are judged not fit to act on behalf of a charity, for a period of up to 15 years

Audit / Charity Commission swiftly responds to overhaul auditor guidance post Kids Company

The Charity Commission plans to overhaul auditor guidance on the back of MPs recommendations, following the failure of Kids Company, proposing to update its list of 'matters of material significance' to widen charity audits' scope to include emphasis of matters and concerns, failure of trustees to take action on serious matters previously highlighted by auditors and conflicts of interest among the charities they audit

Audit / Accountants support minimal implementation approach to EU audit directive

The Department for Business, Innovation and Skills (BIS) says last year’s consultation on the implementation of the EU Audit Directive and Regulation (ARD), which included responses from members of the accountancy profession, supported its minimal implementation approach, which it says is intended to ensure that the legislative changes allow maximum flexibility for auditors, their clients and the relevant regulatory bodies

Audit / Audit firm governance code prioritises transparency and quality

The Financial Reporting Council (FRC) is consulting on changes to the Audit Firm Governance Code, in light of a review of governance standards in the audit sphere at listed companies, conducted earlier this year

Audit / Audit updates: December 2015

In our monthly roundup of audit news, SFO drops Olympus charges over role of auditors, recognised supervisory body (RSB status) for ICAEW, Go-Ahead Group hires Deloitte and Kids Company slated for audit failures

Audit / BIS offers sensible approach to complex EU Audit Directive

BIS has done its best to make sense of the complex and sometimes, counter-intuitive transitional arrangements in the EU legislation, says James Chalmers, head of assurance, PwC

Audit / Audit updates: November 2015

In this month's roundup of audit news and regulations, disciplinary hearing planned for Big Four firm PwC over Connaught audit irregularities, audit changes at Grafton Group and Share plc, plus the latest on the FRC consultation on implementation of the EU Audit Regulation and Directive, coming into force in the UK in June 2016
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