Corporate reporting

Accounting / US lawyer Clayton to head up SEC

President-elect Donald J Trump has nominated Jay Clayton as chairman of the US Securities and Exchange Committee (SEC), to take over from incumbent Mary Jo White

Audit / Audit updates: Jan 2017

In our monthly roundup of developments in audit and governance, Legal & General ends 31-year PwC term, Sports Direct probe launched, GSK moves £20m audit to Deloitte

Audit / Woolf: monetary sanctions useless in isolation

Monetary punishments for the misdemeanours of banks must be supported by meaningful changes to the audit oversight and corporate governance, says Emile Woolf FCA

Audit / NAO slates lack of transparency in DfE academy accounting

The Department for Education (DfE) has been criticised for the  ‘truth and fairness’ over the reporting of academy finances in the  year end accounts for 2015-16 as well as a £291m overspend over building projects, reports Sara White

Audit / PwC and ex RSM Tenon chief rapped over Group audit

The accounting regulator has fined the former CEO of the liquidated RSM Tenon Group and issued a formal disciplinary complaint against the firm’s auditor, PwC over the audit of the accounting firm, and its former finance director in relation to the preparation, approval and audit of the financial statements for the year ended 30 June 2011

Audit / Legal & General ends 31-year PwC audit relationship

FTSE 100 insurance giant, Legal & General Group plc plans to switch auditor from the incumbent PwC to KPMG after over three decades with the Big Four firm in a three-way pitch

Audit / Changing audit: commoditisation and complexity

Audit is a dynamic discipline and changes in the pipeline are likely to have a significant impact on audits of all sizes as technical complexity means that audit is becoming increasingly specialised while threshold changes is reducing the number of mandatory audits. Audit specialist Katharine Bagshaw FCA reviews the current audit landscape 

Audit / Audit updates: December 2016

In our monthly roundup of developments in audit and governance, IAASA consults on auditing framework for Ireland in FRC handover, PwC faces FRC tribunal over Connaught, IFRS revenue recognition hit for Rolls-Royce

Audit / Audit thresholds may shift post-Brexit

Matthew Stallabrass ACA, audit partner, corporate team at Crowe Clark Whitehill, reviews the potential changes to the audit and regulatory environment in a post-Brexit world

Accounting / Conflict minerals regulation introduced in EU

All but the smallest EU importers of conflict minerals will have to conduct due diligence checks on their suppliers, and big manufacturers with more than 500 employees will also have to disclose how they plan to monitor their sources to comply with new EU rules

Audit / Woolf: revenue recognition rule change tortuous

A handover of powers to professional accounting institutes has exacerbated a lack of accountability while changes to revenue recognition rules simply make accounting more complicated, warns Emile Woolf FCA

Audit / FTSE 100 audit market ‘slowing’ despite 10% growth

The frequency of auditor changes among the FTSE 100 is beginning to slow, according to Big Four advisers taking part in Accountancy’s FTSE 100 Auditors Survey

Audit / EXCLUSIVE FTSE 100: Auditors Survey 2016

With a record number of audits in the FTSE 100 switching auditor firms, Philip Smith considers the impact on fee levels, the non audit services (NAS) cap and a slowing volume of tendering activity, as the Big Four audit firms continue to dominate the listed market

Audit / Editor's comment: era of conflict over non audit services

As the FTSE 100 continues to revolve their audit contracts around the Big Four, the 70% cap on non-audit services is creating additional pressure for audit firms as they attempt to clean up their billing and divest of potential areas of conflict. The question for the boards of the major accountants is how the cap will affect future growth, says Sara White, editor of Accountancy

Audit / Audit updates: November 2016

In this month’s audit updates EU ignore state aid rules, EY fined $9.3m over US client relationships, CIIA to review internal audit code for financial services, PwC Switzerland wins FIFA audit