The corporate audit regime in the UK has long been criticised by some in the industry for lax standards and poor oversight.
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 is alive and well, threatening the independence of audits. At Deloitte audit directors and managers are […]
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 costs of blurring lines of accountability to management on the one hand and the real audit […]
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 of Scotland to examine the issue of the provision of non-audit services by external auditors after […]
Read MoreThe Auditing Practice Board has published 137 responses to its consultation on audit firms providing non-audit services to listed companies that they audit. A consistent theme in may of the responses is a call for further transparency in disclosures in accounts of listed companies in relation to the non-audit work undertaken by the auditor. While […]
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