Grant Thornton axed from top flight of audit supervision after removing high-profile clients January 7, 2024 Accountancy firm Grant Thornton has been cut from the industry watchdog’s top tier of audit supervision after removing a number of high-profile clients.
Accountancy watchdog called on to raise threshold for enforcement action January 4, 2024 An accountancy chief has called on the Financial Reporting Council (FRC) to raise the threshold for enforcement action against auditors. Speaking to the Financial Times, Michael Izza, chief executive of the Institute of Chartered Accountants England and Wales said: “Prior to 2017, if the FRC brought a case against an auditor, the threshold test that [...]
FRC opens probe into a member over the bankrupted Thurrock Council January 3, 2024 The Financial Reporting Council (FRC) has launched an investigation into the conduct of "a member" in relation to the bankrupted Thurrock Council's accounts.
PwC cleared by watchdog after probe into audit of collapsed property firm Intu December 19, 2023 The accounting watchdog has dropped an investigation into PwC’s audit of property group Intu today and cleared the partners in charge after a year long probe into the Big Four firm's work on the firm.
Leading lawyer Rachel Kent appointed by Treasury to oversee City watchdog scrutiny December 18, 2023 "The financial services regulators have a significant impact on millions of consumers and firms and it is important that they are subject to effective scrutiny," Kent said.
Audit watchdog pledges to focus on growth after reforms are shelved November 7, 2023 The audit watchdog has announced it will look to focus on promoting “growth and the UK’s competitiveness” after the government shelved a host of reforms that would have increased reporting requirements for London-listed companies.
MPs call on Rishi Sunak to stop delaying audit reform October 29, 2023 A group of MPs and peers have written to the Prime Minister to call on him to include the Audit Reform Bill in King Charles’ state opening of Parliament on Wednesday, November 7.
KPMG: Audit giant handed record fine over failures on Carillion collapse October 12, 2023 KPMG has been slapped with a record fine over its botched auditing of Carillion, the construction company which went spectacularly bust in 2018.
Mark Kleinman: Ascential’s messy breakup, audit tensions and ARGA’s impasse October 5, 2023 Mark Kleinman, City editor of Sky News, writes weekly for City A.M. This week he talks Ascential, FCA tensions and the ARGA impasse.
Labour pledge to overhaul audit and corporate governance regime September 25, 2023 The Labour Party has said it will pass long-awaited legislation on audit and corporate governance reforms if it wins the next general election.