Corporate governance

Audit / Deloitte in fashion at SuperGroup

FTSE 250 clothing retailer SuperGroup has announced it plans to replace PwC with Deloitte as its external auditor for the financial year ending 28 April 2018, following a competitive tender process

Audit / Deloitte picks up PZ Cussons audit from PwC

Personal care and homecare supplier PZ Cussons is to drop PwC as its auditor following a competitive tender process, and plans to appoint Deloitte as its external auditor for the financial year commencing 1 June 2017, subject to shareholder approval at its AGM in September

Audit / FRC to investigate own member over Connaught leak

The FRC has launched an internal investigation after a member leaked information about the regulator’s investigation into PwC’s audit of Connaught to the press, reports Calum Fuller

Audit / Companies House launches email alerts service

Individuals can now receive an email alert informing them when a company files with Companies House as part of its new follow service, which shows people what has been filed by a company as soon as it has been approved 

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 / Radian Capital switches auditor to BDO

Listed Radian Group, a social housing, care and support services provider, has dropped incumbent auditor Deloitte in favour of mid-tier firm BDO LLP with immediate effect

Accounting / SEC uses satellite imagery to unearth $3.3bn accounting fraud

The US Securities and Exchange Commission (SEC) is to take enforcement action against Mexico-based homebuilding company Desarrolladora Homex, after deploying satellite imagery to uncover a $3.3bn (£2.68bn) accounting fraud relating to the fake sales of more than 100,000 non-existent homes over a three-year period

Audit / Woolf: boardroom pay escalates as governance suffers

Excessive director pay is a scourge across big business and it needs to be curbed, says Emile Woolf FCA, former forensic accountant and audit committee chair

Audit / Audit updates: March 2017

In our monthly roundup of developments in audit and governance, small businesses fail to use audit exemption, Dairy Crest audit goes to Deloitte, FRC set to tighten governance code and sanctions regime

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 / 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 / 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
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