Against a volatile geopolitical and economic backdrop, 2023 is shaping up to be another critical year for the audit industry. Following three years of pandemic-induced restrictions and disruptions to “traditional” working patterns and practices, a renewed push for audit reform … Read More
Following stakeholder feedback on the current consultation, the IAASB envisions approving a final standard in December 2023. The International Auditing and Assurance Standards Board (ISAAB) has launched a consultation regarding a new section of proposed auditing standards for smaller and … Read More
Demographic trends and changing work patterns have set the profession on the road towards an inexorable collision between supply and demand. What can accountants caught up in the skills crisis do to come out unscathed? There’s nothing more frustrating than … Read More
UK audit reform is inadvertently creating opportunities for challenger firms to pick up clients from the Big Four, according to James Hadfield, head of Menzies audit service. Changes are being introduced to better allow mid-tier firms to compete for Public Interest Entities … Read More
A new ‘coexistence’ of financial audit and ESG advisory teams could emerge due to the nature of sustainability assurance services PwC has predicted that ESG assets will account for more than 50% of mutual fund assets by 2025 – representing compound annual … Read More
The Kingman Review in 2018 found that the FRC had insufficient powers to address systemic issues at the firms, relying on the registration powers of the Recognised Supervisory Bodies. The creation of the PIE Auditor Register was also a key … Read More
The paper follows the Government Response to the consultation on strengthening the UK’s Corporate Governance, Corporate Reporting and Audit systems The Financial Reporting Council (FRC) has published a Position Paper which sets out the next steps to reform the UK’s … Read More
Proposed AQIs would provide comparable indicators on perceived culture within an audit firm, audit quality inspection results, staff workloads, and the level of partners’ involvement in individual audits The Financial Reporting Council (FRC) has issued a consultation on publishing audit quality indicators … Read More
The UK unemployment rate is close to a 50-year low point, having dropped by 0.2% to 3.8% for February to April 2022, and those unemployed for up to six months increased over this three-month period, marking the largest increase since … Read More
Most employers have recognised a skills shortage in their workforce, or expect to have shortages in the next five years, according to new research from PwC. The firm found that concerns around skills shortages were “profound”, with 33% experiencing a … Read More