The Public Company Accounting Oversight Board urged companies and investors to pay greater attention to the findings of its annual inspections of audit firms The Big Four accounting firms have admitted hundreds of violations of regulations in the US that are designed to … Read More
Artificial intelligence has been identified as an emerging risk, with gaps in organisational preparedness and audit proficiency, according to new research from Protiviti. In partnership with The Institute of Internal Auditors (The IIA), Protiviti conducted its 11th Annual Global Technology … Read More
Post Office auditors should be questioned, MPs told MPs on the Business & Trade Committee questioned the bosses of Fujitsu and the Post Office, Lord Arbuthnot and lawyers at a hearing about the Post Office and Horizon compensation scheme. Witnesses … Read More
Richard Moriarty, CEO of the Financial Reporting Council (FRC) has defended the regulator’s investigations into audit firm misconduct saying ‘fear of enforcement sanctions’ will not make the regulator ‘disinterested’ In a robust defence of the FRC’s disciplinary actions, Moriarty refuted … Read More
Grant Thornton has reportedly been demoted from top tier of audit supervision after the accountancy firm cut its number of high profile clients, the Financial Times has reported. According to regulatory filings, the Financial Reporting Council industry watchdog moved the firm from “tier one” to … Read More
The report highlights the FRC’s intention to conduct market studies that can generate proposals to improve the way the market functions with particular regard to better choice and resilience The Financial Reporting Council (FRC) has today (14 December) published an updated overview … Read More
The International Auditing and Assurance Standards Board (IAASB) has released a new global auditing standard, ISA for LCE, specifically designed for smaller and less complex businesses. The new standard, ISA for LCE, is a first of its kind, marking a significant … Read More
The world is changing fast. Economically, politically, and technologically, accounting teams and companies face a near-constant change flow. It can be hard to know how to future-proof your business, where and when to invest, and where the next challenge may come from. But if you … Read More
These include risks related to the current economic environment for example: going concern, impairment, recoverability and recognition of tax assets/liabilities The priority sectors are construction and materials, food producers, gas, water and multi-utilities, industrial metals and mining and retail. These … Read More
The FRC has confirmed its plan to scale back audit changes by taking forward under half of the original 18 proposals it set out in the consultation with its stakeholders. It intends to publish an updated code in January 2024 … Read More