There is a growing disconnect between the escalating demands placed on internal audit functions and their limited capacity to address emerging risks. ...
View articleAmongst the 40 laws the government announced in the King’s Speech on 17th July 2024, a draft Audit Reform and Corporate Governance Bill (the Bill) was...
View articleKPMG International has announced the integration of generative AI into its global smart audit platform, KPMG Clara. This move, announced on July 29, 2...
View articleWhen King Charles delivered the first King’s speech for more than 70 years last November, there was palpable frustration across the accounting profess...
View articleA recent International Energy Agency (IEA) report on carbon accounting for sustainable biofuels could herald significant changes in auditing practices...
View articleThe Centre for Public Interest Audit (CPIA), a new organisation that will bring together auditors from across the profession to shape best practice an...
View articleThe recent King’s Speech has unveiled a raft of legislative proposals set to significantly reshape the landscape for accountants and auditors ac...
View articleThe Financial Reporting Council (FRC) recently imposed significant sanctions on MacIntyre Hudson LLP (MHA) and two of its auditors. The case, revolvin...
View articleThe UK’s new Labour government must commit to taking forward audit and corporate governance reform and legislate to clear the local audit backlog in E...
View articleFollowing the recent publication of supplementary guidance by the National Audit Office (NAO), the Institute of Chartered Accountants in England and W...
View articleThe world of professional services is often marked by a delicate dance of leadership transitions, where seasoned veterans hand over the reins to a new...
View articleNew analysis shows that auditors failed to warn about 3 out of 4 of the UK’s largest publicly traded companies that collapsed between 2010 and 2022. R...
View articleInvestigations revealed that KPMG failed to gather sufficient audit evidence and did not exhibit the necessary professional scepticism required for au...
View articleThe FRC's sanctions against the three audit firms involved in the LCF audits serve as a stark reminder of the vital role that auditors play in maintai...
View articleThe Bank of England has appointed Ernst and Young LLP (EY) as its external auditor from the financial year ending 28 February 2025. Read More...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View articleThe proposed enhancements, including the focus on material misstatements arising from non-compliance, the introduction of a risk assessment process, a...
View articleThe Financial Reporting Council's record fines imposed on audit firms in 2023 demonstrate its unwavering commitment to enhancing audit quality. Read M...
View articleThe Big Four audit firms earned 98% of FTSE 350 audit fees in 2022, despite efforts to increase competition within the market Read More...
View article38% of firms required significant improvements, prompting the council to state Tier 2 and Tier 3 firms must "prioritise audit quality improvements and...
View articleThis arrangement allows auditors who are professionally qualified and registered as statutory auditors in either the UK or Switzerland to apply for re...
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