Law and regulation

Audit / The regulator's lot: examining the role of audit regulation

Regulators are unloved and frequently criticised, but play a key and underappreciated role in audit and the economy, finds Katharine Bagshaw FCA 

Audit / FRC not ‘too close’ to audit market, says PwC

There is no issue around the Financial Reporting Council’s (FRC) independence from the auditors and audit firms it regulates, according to senior PwC partners

Audit / Sanctions and ethics: is the audit regulator fit for purpose?

Fines for audit failures may be increasing with PwC landed  a record £5.1m fine for the RSM Tenon audit, and another £5m for failures over Connaught, while Deloitte was given a £4m fine for Aero Inventory audit failures and Grant Thornton a £2.2m fine for AssetCo but there are serious questions about the scale and size of penalties, how they are dished out and the rationale for how the audit regulator, the Financial Reporting Council (FRC) sets them. Calum Fuller reports

Accounting / FRC drops investigation of KPMG’s audit of HBOS

The Financial Reporting Council has ended its investigation of KPMG’s audit of HBOS for the year ended 31 December 2007 after it concluded there is ‘not a realistic prospect of an adverse finding’, reports Calum Fuller

Audit / Internal auditors’ financial services code updated

The Chartered Institute of Internal Auditors (IIA) is launching new guidance on how risk should be managed in UK banks and other financial institutions, with the aim of strengthening the role of internal audit via updates to the financial services code

Audit / Audit threshold rise for co-operatives under review

A rise in the audit exemption thresholds for co-operatives and community benefit societies, bringing them into line with companies at the £5.2m figure, is out for consultation

Audit / SEC fines KPMG £4.8m over energy company audit failures

KPMG is to pay more than $6.2m (£4.8m) to settle charges brought by the Securities and Exchange Commission (SEC) that it failed to properly audit the financial statements of Miller Energy Resources, resulting in investors being misinformed about the company’s value

Audit / FRC hits PwC with record £5.1m fine over RSM Tenon audit

The Financial Reporting Council (FRC) has given PwC a £5.1m fine - its largest ever – and a severe reprimand for what the regulator termed ‘extensive’ misconduct in the audit of the financial statements of RSM Tenon Group, for the financial year ended 30 June 2011

Audit / US regulator sanctions Crowe Horwath HK

Crowe Horwath’s Hong Kong firm has been sanctioned and its registration revoked by the Public Company Accounting Oversight Board (PCAOB) for refusing to cooperate with the US regulator’s investigation of the firm's audits of a China-based issuer

Audit / Woolf: ethics should be paramount

A shortfall in ethics in the lastest round of Audit Quality Inspections (AQIs) from the Financial Reporting Council (FRC) and endless conflicts of interest are bad for the audit profession. Emile Woolf FCA takes aim at auditors and standards

Audit / Higgins: FRC dropping Tesco probe not a sign of weakness

The Financial Reporting Council (FRC) may have called off its investigation into PwC’s audit of Tesco accounts, but as the regulator's investigation into the audit of BT illustrates, it should not be seen as a let-up of the its focus on the larger accountancy firms, says Jenny Higgins, senior associate at law firm Kingsley Napley 

Audit / Evans: more transparency needed on FRC fines

Helen Evans, barrister at 4 New Square Chambers, examines the recent acceleration of fines imposed by the FRC Disciplinary Tribunal, and what it means for the future

Audit / AQI 2017: PwC pulled up over compliance with ethical requirements

The Financial Reporting Council (FRC) has highlighted concerns over shortfalls in compliance with ethical requirements and in the audit work carried out by PwC, the regulator’s 2016/17 Audit Quality Inspections (AQIs) show

Audit / Charity reporting: rule changes on reporting material significance

Joanna Pittman, partner at  Sayer Vincent, reviews compliance issues under new charity reporting regulations concerning matters of material significance, which are effective 1 May 2017 regardless of the accounting period being reported on

Audit / Editor’s comment: auditors feeling the heat

In reflect of this month’s exclusive FTSE 250 auditor’s survey, Sara White considers audit failures on the back of the record £5m fine given to PwC by FRC and ask whether the audit regulator is effective enough 
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