Corporate reporting

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 / PCAOB cracks down on ex-PwC Brazil partner over audit failure

A former partner at PwC’s Brazilian firm has been fined $10,000 (£8,021) and given a two-year ban by the Public Company Accounting Oversight Board (PCAOB) for audit failures in relation to the accounts for US consumer goods and bakery supplier Sara Lee

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 / PwC faces further probe over Connaught audit

The Financial Reporting Council (FRC) is to resume its hearing of a formal complaint against PwC and retired partner Stephen Harrison later this week, concerning their conduct in relation to the audit of the financial statements of Connaught plc and its subsidiaries, for the year ended 31 August 2009

Audit / FRC urges firms to improve audit quality controls

The Financial Reporting Council (FRC) says audit firms need to improve their quality control procedures, after a thematic review discovered problems with a third of the audits sampled, suggesting the current approach is not working effectively

Audit / CPD module - audit exemptions under Companies Act 2016 - NEW

This month's exclusive CCH Daily CPD modules focuses on audit exemptions such as size-based, dormant company and subsidiary, under the Companies Act 2006 as well as practical issues to consider when evaluating whether to opt for audit exemption

Audit / FRC to investigate PwC over Redcentric ‘misstated balances’

The Financial Reporting Council (FRC) is to investigate PwC’s conduct in relation to the audit of Redcentric, the AIM-listed IT managed services provider which revealed it had uncovered ‘misstated accounting balances’ when it reported its interim results for the six months ended 30 September 2016

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 / 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

Audit / Woolf: arcane accounting rules encourage poor governance

Unchecked by strong regulation and government, ignorance and greed can become widespread while questionable and opaque accounting rules obfuscate the quality of reporting and auditors miss key issues, warns Emile Woolf FCA

Audit / FRC calls for effective use of data analytics in audit

UK audit firms are at the forefront of developing and using data analytic techniques which have the potential to improve audit quality, but need to adopt a more structured approach to deployment to ensure they are effective, according to a review carried out by the Financial Reporting Council (FRC)

Audit / McLaren: FRC’s vision for audit as the Competent Authority

As the Financial Reporting Council gears up as the overarching Competent Authority for audit oversight after the introduction of the EU Audit Regulations and Directive last year, Melanie McLaren, executive director for audit at the Financial Reporting Council (FRC) sets out the regulator's vision for the future of audit
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