BEIS aims to ‘restore’ investor trust in audit and corporate governance

What makes a good audit?


November 19, 2021

The corporate audit regime in the UK has long been criticised by some in the industry for lax standards and poor oversight.

In an effort to address these concerns as part of …

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The Fourth - Deloitte

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 …

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Kobe Steel

The chief executive and other senior executives have stepped down from Japanese company Kobe Steel following the publication of the report outlining the findings of an investigation into the data falsification that the company admitted to in October last year.…

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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 …

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Carillion directors

The former directors of Carillion who appeared before the joint Work and Pensions and Business, Energy and Industrial Strategy Committees inquiry into the company’s collapse last month were labelled as “delusional” by its co-chairs Frank Field MP and Rachel Reeves …

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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

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audit market

The collapse of Carillion raises concerns not only about corporate governance at the firm and KPMG’s audit, but also how the directors were able to get changes to their pay passed the vote. Speaking in The Guardian on Saturday (20-Jan-18), …

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SEC chairman Jay Clayton

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 …

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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 …

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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 …

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