The BBC’s Robert Peston has picked up on founding FSA chairman, Howard Davies’ critique on the causes of the Crash. According to Davies there were a total of 38 reasons. Peston goes on to argue that there were probably …
Read MoreThe $185 million in civil and criminal payments agreed in a U.S. courtroom last week by the German car maker Daimler have been widely reported. What has been less well covered is the role of the internal audit team that …
Read MoreShareholders don’t like it, nor do the regulators. It’s expressively forbidden to be included in appraisals. Unfortunately, evidence uncovered by the Financial Reporting Council’s Audit Inspection Unit (AIU) shows that the controversial practice of selling non-audit services to audit clients …
Read MoreAmendments to ‘Broker Voting Rule’ yield unexpected results
The long-awaited change to NYSE Rule 452, effective Jan. 1, 2010, reclassifying uncontested director elections as ‘non-routine’ items, thereby eliminating the discretion of brokers to vote uninstructed shares, also makes it more …
Read MoreNext week’s vote on the appointment of KPMG plc at Rentokil (15 May) looks to be more than usually interesting. While the cut price deal struck by KPMG offers a 30% headline discount, concerned investors are questioning the real hidden …
Read MoreThere is no benefit to be gained from a complete prohibition on auditors providing non-audit services to their listed clients.
That’s the view of a new research paper published by a Working Group established by the Institute of Chartered Accountants …
Read MoreHow much more work should auditors do for quoted companies? How comfortable are shareholders with the potential for further dilution of the independence of the annual audit? We don’t have the answers immediately to hand, but responses to the Federation …
Read MoreThe increasing foreign ownership of UK companies is forcing the UK’s reporting watchdog the FRC rethink the role of audit and market oversight.
Stephen Haddrill, chief executive of the Financial Reporting Council, speaking to senior finance figures this week said …
Read MoreIn the UK legal landscape, the role of the auditor has a particularly important and specific role – not to aid efficient trading markets – but to support the stewardship of the company. With the increased regulatory focus on the …
Read MoreConsultations and accounting news appears to be a bit like London buses, there’s not one for ages and then three of them arrive all at once. This week the FRC got busy with a slew of announcments, notably the Auditing …
Read More