Big Four auditors up advisory fee incomes as challengers capture larger share of audit work August 5, 2022 The UK’s challenger auditing firms are increasingly capturing a larger share of Britain’s audit market, as the Big Four increasingly generate their revenues through non audit work, new data from the UK’s accounting watchdog shows. The research shows smaller auditors upped their audit fee incomes at almost twice the rate of the Big Four, as [...]
Auditors should stop ‘complaining’ about fines and improve the quality of their work, FRC chief says August 3, 2022 The head of the UK’s accounting watchdog has said Britain’s major auditors should stop “complaining” about fines and start improving the quality of their work instead. In an interview with the Financial Times, Financial Reporting Council (FRC) chief executive Sir Jon Thompson said “the solution” to auditors’ problems with fines is “entirely” in their own [...]
EY’s split could have ‘distinct benefits,’ FRC chief says August 2, 2022 EY’s plans to split its business would have “distinct benefits,” the head of the UK’s accounting watchdog has said. The Big Four accounting firm’s plans to separate its advisory arm from its consulting division could let EY “grow further” by removing “significant conflicts of interest,” Financial Reporting Council (FRC) chief executive Sir Jon Thompson told [...]
High profile scandals saw UK’s audit watchdog hand out record £46.5m in fines last year July 28, 2022 The UK’s Financial Reporting Council (FRC) issued a record £46.5m in fines over the past year, after the audit watchdog handed out a series of huge fines to Britain’s top accounting firms in the wake of a series of high-profile accounting scandals. The value of fines issued by the UK’s Financial Reporting Council (FRC) [...]
Record £14m fine for KPMG over Carillion and Regenersis audits with partner Peter Meehan banned from ICAEW July 25, 2022 The UK’s accounting watchdog has fined KPMG £14.4m and told it to pay £3.95m in costs for providing false and misleading information during its audits of Carillion and Regenersis. The UK’s Financial Reporting Council (FRC) also fined four of KPMG’s former auditors, banned them from the accounting sector’s professional membership body, and severely reprimanded another [...]
Merciless verdict: Accounting watchdog FRC slams BDO and Mazars for ‘unacceptable’ audits July 20, 2022 Auditors BDO and Mazars have been called out for the “unacceptable” quality of their work by the accounting watchdog. The Financial Reporting Council (FRC) said there has been “some improvement” across the auditing sector amid heavy scrutiny following failings linked to the major collapses of firms such as Carillion. FRC chief executive Sir John Thompson [...]
UK accounting watchdog calls on top auditors to put in place measures to stop cheating on exams July 18, 2022 The UK’s accounting watchdog has called on the country’s major audit firms to put measures in place to prevent employees from cheating on exams. Following a series of high-profile cheating scandals in Canada, Australia and the US, the UK’s Financial Reporting Council (FRC) has told British auditors to set out their plans to prevent similar [...]
Grant Thornton slapped with multi-million pound fine after FRC calls out ‘serious failings’ in Sports Direct audit July 18, 2022 The UK’s accounting watchdog today hit Grant Thornton with a £2.05m over “serious failings” in its audits of high-street retailer Sports Direct. The fines come after the UK’s Financial Reporting Council (FRC) said Grant Thornton had failed to properly scrutinize Sports Direct’s relationship with an unnamed delivery company and the impact the relationship would have [...]
UKH Hacker Young sanctioned after Laura Ashley audits July 13, 2022 UKH Hacker Young has been “severely reprimanded” and slapped with a £350,000 fine by the accounting watchdog over its audit of Laura Ashley. The Financial Reporting Council has imposed serious sanctions on the firm for its audit of the fashion retailer for the 2018 and 2018 financial years. The retailer, which had 155 UK stores [...]
UK’s audit watchdog sets out plans to shakeup Britain’s accounting sector July 12, 2022 The UK’s accountancy watchdog has vowed to put in place a raft of new measures to increase standards in the UK’s audit sector in a bid to pave the way for the UK government’s long-awaited reforms. The UK’s Financial Reporting Council (FRC) on Tuesday published a paper outlining its plans to revise existing codes, strengthen [...]