Corporate reporting

Audit / PwC barred in Ukraine over bank audit

The National Bank of Ukraine has put out a statement saying it has removed PwC from the register of accounting firms authorised to audit banks, because of ‘misrepresented financial information’ in the audit of CB Privatbank, the largest commercial bank in the country, resulting in a $5.5bn (£4.2bn) ‘black hole’ in the balance sheet

Audit / BBC switches £2m audit to National Audit Office as EY bows out

EY faces a £2m loss in annual audit fees as it steps down from the BBC audit as the National Audit Office (NAO) takes over the contract for the 2017/18 financial years and is currently negotiating the transition

Audit / FRC revises UK ISAs to reflect ethics code changes

The Financial Reporting Council (FRC) has issued a revision of ISA (UK) 250 Section A—Consideration of laws and regulations in an audit of financial statements, and conforming amendments to other ISAs (UK), in response to changes made to the International Code of Ethics issued by the International Ethics Standards Board for Accountants (IESBA)

Audit / KPMG takes over from Deloitte at Senior Group

KPMG is to take over from Deloitte as auditor to international manufacturing group Senior, after the aerospace and engineering specialist concluded a tender process

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 / AQIs 2017: how the major accounting firms performed in annual audit inspections

A summary of FRC's latest AQI reports includes, audit firms hauled over revenue recognition and ethical standards, third of KPMG audits flagged for improvement, EY rapped over audit completion process, Grant Thornton told to improve internal controls

Audit / Audit updates: July 2017

In our monthly roundup of developments in audit and governance, FRC case reports finds aspects of Connaught unauditable, KPMG wins £15m BT audit from PwC, and charity audit practice note PN11 revision

Audit / NAO hits targets despite more challenging audits

According to the National Audit Office’s (NAO) 2016/17 annual report, it has spent £100,000 less this year compared to 2015/16 despite cuts to public sector funding resulting in more challenging audits, with the regulator also excelling with its diversity targets

Audit / Woolf: time to grasp the nettle on partnerships

An overhaul of partnerships at Big Four firms is the only way to achieve real accountability, argues Emile Woolf FCA while suggesting that limited liability partnerships should be abolished and auditors should stick to auditing

Audit / Royal Family set for a £2.8m rise in sovereign grant

The Queen is set for an additional £2.8m a year in funds to finance the Royal Family, based on the current calculations for the sovereign grant, which stands at £42.8m

Tax / Fourth Anti-Money Laundering Directive: what you need to know

From changes to politically exposed persons (PEP) to beneficial ownership registers, the newly enforceable Fourth Anti-Money Laundering Directive (4MLD) will force a due diligence rethink, warn Lisa Osofsky, managing director and Sarah Adenaike of Exiger LLC

Audit / Editor's comment: ethics takes back seat in eyes of audit inspectors

The opaque world of limited liability partnerships may be set for a period of greater scrutiny with a spate of audit scandals rocking firms and a fairly dismissal level of adherence to acceptable ethical standards in the latest audit quality inspection (AQI) round, says Sara White, editor of Accountancy

Accounting / IAASA provides tips for Irish financial reporting

The Irish Auditing and Accounting Supervisory Authority (IAASA) has released a document for listed companies outlining tips on key issues, such as Brexit and incoming accounting standards, to include in financial reports, as the 30 June deadline for half-yearly reports approaches

Audit / Scottish public sector audit quality ‘improving’

The quality of Scottish central and local government organisation audits is improving, with all local government audits completed on time despite several bodies being unprepared at the start of the audit process, according to its regulator Audit Scotland

Audit / AQI 2017: Deloitte told to strengthen audit of revenue recognition

A fifth (22%) of Deloitte’s audits now require improvements or significant improvements, with the firm needing to remain focused on strengthening its audit of revenue recognition ahead of the implementation of IFRS 15, according to the latest Audit Quality Inspection (AQI) report from the Financial Reporting Council (FRC)