Corporate reporting

Audit / KPMG hangs up on telco operator Lycamobile

KPMG has resigned as the auditor of Lycamobile UK Ltd, citing problems in obtaining ‘sufficient, appropriate audit evidence’ and concerns about whether there are adequate accounting records at the mobile network operator, which is involved in a £26m VAT dispute with HMRC

Audit / PwC on the money with Close Brothers audit win

PwC is to take over from Deloitte as auditor of FTSE 250 UK merchant banking group Close Brothers following a formal tender process

Audit / Annual audit quality inspection reports delayed

The Financial Reporting Council has confirmed that it will be delaying the release of the annual audit quality inspection reports until after the general election

Audit / FRC to revise charity audit practice note PN11

The Financial Reporting Council (FRC) is planning significant revisions to Practice Note 11: The audit of charities in the United Kingdom (PN 11), including a renewed emphasis on reporting matters of material significance, to reflect changes in the regulatory landscape and increased public interest and concern over governance in the sector

Audit / Deloitte takes pole position from KPMG for McLaren F1 technology

KPMG has terminated a planned decade-long agreement with McLaren Applied Technologies after only two years, and the F1 grand prix racing specialist supplier has now signed a partnership deal with Deloitte

Audit / ICAEW issues framework for auditing bank regulatory ratios

The ICAEW has issued its framework for auditing bank capital numbers with the aim of meeting banking regulatory ratios, including capital, liquidity and leverage ratios, while also being of use to audit committees and others that commission relevant assurance work

Audit / Deloitte secures £9m BAE Systems audit contract

Defence giant BAE Systems has become the latest FTSE 100 company to change auditor following new rotation requirements, with Deloitte scheduled to take over from KPMG’s 36-year tenure as the company’s auditor for the financial year ending 31 December 2018

Audit / Auditors influenced by personal bias, warns ACCA

ACCA is calling for changes to the standard-setting, regulatory and audit processes to take personal bias into account, in a bid to improve audit quality and encourage greater professional scepticism

Audit / FRC hits PwC with record £5m fine over Connaught audit

The Financial Reporting Council (FRC) is to fine PwC £5m – its biggest sanction ever - over findings of misconduct in the audit of Connaught, the FTSE 250 social housing provider which went into administration in 2010

Audit / Reckitt Benckiser ends 20-year PwC audit contract

FTSE 100 consumer health giant Reckitt Benckiser Group has announced plans to change auditor with the announcement that KPMG will replace PwC from 2018

Audit / Calls for special audit of Deutsche Bank governance standards

Shareholder advisory firm Institutional Shareholder Services (ISS) has joined calls for an independent audit of governance issues at Deutsche Bank, including whether senior management obstructed the Financial Conduct Authority (FCA) investigation into the bank’s manipulation of the Libor and Euribor interest rates

Audit / FRC to investigate KPMG audits of Rolls-Royce

The Financial Reporting Council (FRC) is to investigate KPMG over its auditing of the Rolls-Royce Group, after the manufacturer agreed to pay some £500m to the Serious Fraud Office (SFO) earlier this year as part of a deferred prosecution agreement (DPA) relating to bribery and corruption claims, the highest ever enforcement action against company in the UK for criminal conduct

Audit / Woolf: cashing in on complexity

Emile Woolf FCA asks why global accounting standards, in particular IFRS 9 Financial Instruments, are becoming increasingly complicated and starting to resemble the language used in quantum physics

Audit / Crowe Clarke Whitehill takes over Laura Ashley audit

Fashion and homeware retailer Laura Ashley has appointed Crowe Clarke Whitehill as its auditor with immediate effect, replacing Moore Stephens

Audit / FRC Lab publishes digital reporting framework

The Financial Reporting Lab has published a framework covering the 12 characteristics fundamental for future digital reporting, which marks the first report from its digital future project set up to address concerns that the use of technology in corporate reporting is not meeting its full potential
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