Corporate governance

Audit / KPMG global chairman apologises for South Africa scandals

KPMG’s global chairman, John Veihmeyer, has issued an apology after the firm faced criticism over its audit work for the Gupta family and a separate report it produced for the South African Revenue Service

Audit / BDO wins Mitie audit ‘casual vacancy’ as Deloitte resigns

BDO has won the ‘casual vacancy’ as FTSE 250 outsourcer Mitie’s auditor after Deloitte resigned its position after 30 years

Audit / KPMG loses 18-year audit contract amid Gupta scandal

Sasfin Holdings, a South African banking and financial services group, has dropped KPMG as its auditor after 18 years citing ‘well-publicised concerns,’ as the firm faces criticism over its audit work for the Gupta family and a separate report it produced for the South African Revenue Service

Audit / Sanctions and ethics: is the audit regulator fit for purpose?

Fines for audit failures may be increasing with PwC landed  a record £5.1m fine for the RSM Tenon audit, and another £5m for failures over Connaught, while Deloitte was given a £4m fine for Aero Inventory audit failures and Grant Thornton a £2.2m fine for AssetCo but there are serious questions about the scale and size of penalties, how they are dished out and the rationale for how the audit regulator, the Financial Reporting Council (FRC) sets them. Calum Fuller reports

Accounting / FRC drops investigation of KPMG’s audit of HBOS

The Financial Reporting Council has ended its investigation of KPMG’s audit of HBOS for the year ended 31 December 2007 after it concluded there is ‘not a realistic prospect of an adverse finding’, reports Calum Fuller

Audit / Big data and audit analytics: audit tenders and client relationships – part 3

The impact of new technology such as data analytics and big data will revolutionise audit but the risk of frequent tenders eroding auditor relationships and diluting the value argument is more of a threat for the future of audit, says Fiona Czerniawska, director of Source Global Research

Audit / KPMG South Africa’s CEO resigns amid Gupta scandal

Chief executive of KPMG’s South African arm, Trevor Hoole, has resigned with the firm’s chairman, chief operating officer and five senior partners also departing following an internal investigation into the work it carried out on behalf of the Gupta family and a report it produced for the South African Revenue Service

Audit / NAO publishes cyber security risk guidance for audit committees

The National Audit Office (NAO) has published cyber security and information risk guidance for audit committees, after identifying a high incidence of access-control weaknesses and other issues in the course of preparing its reports

Audit / Charity Commission warning on auditor concerns

Nearly 100 charities, with a collective total income of some £195m, filed accounts last year that included a formally modified audit opinion, suggesting they could be material misstated, according to analysis by the Charity Commission which warns trustees and auditors need to address the concerns more proactively

Audit / Sports Direct’s AGM sees reappointment of GT as auditor voted through

Sports Direct’s annual general meeting (AGM) has seen investors vote through the reappointment of Grant Thornton despite shareholder group Institutional Shareholder Services (ISS) calling on investors to abstain

Audit / Lack of transparency over government use of £973m Libor Fund

The National Audit Office (NAO) has slated the government’s handling of the £973m Libor Fund, which makes charity donations from fines paid by banks for manipulating key benchmarks, saying it is unclear whether the money has been used as intended and whether a commitment to fund additional apprenticeships has been met

Audit / Diploma ends 10-year Deloitte audit contract with move to PwC

FTSE 250 life sciences specialist Diploma is to change auditor with the appointment of PwC as its auditor for the financial year ending 30 September 2018, subject to shareholder approval at the 2018 AGM

Audit / Shareholder group calls for abstention on vote to reappoint GT as Sports Direct auditor

Shareholder advisory group Institutional Shareholder Services (ISS) is calling on investors in Sports Direct to abstain from voting on the reappointment of Grant Thornton as auditor, and to vote against authorising the board to fix the remuneration of auditors ahead of the company's annual general meeting (AGM), Calum Fuller reports

Audit / Audit updates: September 2017

In our monthly roundup of developments in audit and governance, BBC switches audit to National Audit Office (NAO), Deloitte Mitie misstatement investigation, EY scoops Tate & Lyle audit

Accounting / BCBS consults on future of fintech for banking regulators

The Basel Committee on Banking Supervision is consulting on the implications of fintech for the financial sector, and how technology will affect the role of supervisory bodies
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