Accounting Archives

Accountants bodies, signed urgent call to agree standards on climate change.

Accountants commit to improve corporate climate disclosure

A group of prominent accounting bodies, representing over 2.5 million accountants globally, have signed an “urgent” call to action pushing the profession to agree standards on climate change.

The 14 bodies and 13 …

FRC: Expectations and standards ‘still apply’

Can the FRC rescue its reputation?

It has become one of the most disparaged – and lampooned – regulatory institutions of this century.

The Financial Reporting Council’s (FRC) oversight of the audit profession has been dubbed everything from ramshackle to …

Government urged to prioritise audit industry reform

SEC fines PwC over reporting and independence

Accounting giant PricewaterhouseCoopers has been slapped with a $7.9m penalty for violating the Securities and Exchange Commission’s (SEC) financial reporting and auditor independence rules.

The regulator found PwC had engaged in ‘improper professional …

Big Four sub-standard in one in five audits

Big Four fail in one in five audits

The world’s four biggest accounting firms have been exposed for botching at least 20% of their audits following an inspection by the Public Company Accounting Oversight Board (PCAOB).

In the most …

Carillion collapse: Lib Dem leader Cable calls for new inquiry into 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 …

Carillion: MPs grill FRC chief executive over regulator’s role

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 …

Auditing: US SEC appoints new board members to 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 …

Steinhoff CEO resigns as accounting irregularities emerge

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 …

Audit Round-up: FRC works to improve audit committee reporting

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 …

South Africa: Investors ready to oppose auditor re-appointments

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 …