audit market

The Liberal Democrat leader, Vince Cable, has written to the Competitions and Markets Authority (CMA) asking the regulator to look again into whether the big four accountants should be broken up. Commenting on Twitter about the firms that dominate the audit market Cable said: “Questions remain over whether there is too much market dominance in too […]

Read More
MPs

UK MPs investigating the collapse of Carillion gave Steve Haddrill, Financial Reporting Council (FRC) chief executive, a grilling over the regulator’s role in recent years. In his evidence to the joint inquiry by the House of Commons’ Work and Pensions and Business, Energy and Industrial Strategy select committees Haddrill confirmed that the FRC had been […]

Read More
Securities Exchange Commission PCAOB

The US Securities and Exchange Commission (SEC) has appointed a new chairman and replaced all the members of the Public Company Accounting Oversight Board (PCAOB). The SEC appointed William Duhnke as chairman replacing Jim Doty along with  J. Robert Brown, Kathleen Hamm, James Kaiser, and Duane DesParte who replaced Steve Harris, Lew Ferguson and Jeanette Franzel. The PCAOB was […]

Read More
Steinhoff accounting irregularities

Markus Jooste, the chief executive of the global retail group, Steinhoff, which owns Poundland, Bensons for Beds and Pep & Co in the UK, has resigned after accounting irregularities were uncovered at the company. The company’s supervisory board has engaged PricewaterhouseCoopers (PwC) to conduct an independent investigation into the findings and would update the market […]

Read More
MPs

The UK’s Financial Reporting Council (FRC) is looking to improve audit committee reporting in respect of company disclosures in annual reports and how auditors report information to audit committees, Melanie McLaren, executive director, audit and actuarial regulation division said in her speech at the regulator’s recent Developments in Audit conference. She said the FRC had launched a pilot project […]

Read More
South African auditor reappointments

Since announcing in June that a new mandatory auditor rotation rule would be introduced in 2023 South Africa’s Independent Regulatory Board for Auditors (IRBA) has surveyed the proxy voting results in respect of auditor re-appointments this year. The IRBA said that it had found a visible trend towards voting against the reappointment of auditors. Of […]

Read More
ethical financial reporting

Company boards, particularly the non-executive director members, need to ensure they take an ethical and value-led approach to financial reporting according to the latest paper from the UK’s Institute of Business Ethics. The author of the report Guy Jubb, former governance head at Standard Life Investments, stated that accounting is not simply a question of […]

Read More
UK corporate reporting

The quality of auditing of larger companies has improved after targeted work by the Financial Reporting Council (FRC) the regulator said. The FRC said the leadership of audit firms’ focus on, and investment in, improving audit quality, together with promoting a culture of continuous improvement, is beginning to pay off. In the audit regulator’s second annual Developments in […]

Read More
UK corporate reporting

The quality of audits of FTSE 350 companies in the UK has steadily improved over recent years, according to the latest audit reviews undertaken by the country’s regulator, the Financial Reporting Council (FRC), however more work is needed to ensure improvements of audits of smaller companies. The FRC found that 81% of FTSE 350 audits reviewed […]

Read More
BT: Accounting irregularities revealed in Italian operation

Communications company BT has admitted improper accounting practices at its Italian subsidiary which resulted in overstated earnings over several years. BT is now conducting a broader review of financial processes, systems and controls across the company. BT’s remuneration committee will also consider the wider implications of the investigation. The announcement led to a drop of 20% in its share price […]

Read More