Tag: audit reform
Audit reform consultation set to close as dissenting voices emerge
Lack of ownership reform and plans to extend the definition of “public interest entity” have drawn criticism from prominent figures.
Finance chiefs fear audit reforms will cause increase in costs
Research suggests implementing the government’s proposed internal controls reforms alone could cost between £10m and £20m per company.
Organisational culture is the key to rebuilding trust in audit
Audit firms need to develop an organisational culture that empowers auditors to consistently and courageously do the right thing.
How government proposals aim to rebuild faith in UK audit and auditors
The reforms will place renewed scrutiny on boards, audit committees and their work—and it’s essential that boards review the key issues.
Auditors on notice to reject ‘expectations gap’ consultation
Advisory body PIRC considers recommending shareholders vote against auditors if they fail to “publicly repudiate” the consultation document.
Audit and assurance policies: innovative ideas for change
Trusted corporate information is vital as firms and stakeholders assess the impact of both climate change and Covid-19 on business strategies.
Audit white paper proposes new powers for regulator to sanction directors
Observers warn that proposals to increase the accountability of directors for audit and internal controls could deter candidates.
Reforms impose new responsibilities on directors for financial reporting
Government recommendations on audit reform, set to be published next week, will hold directors responsible for failures in financial reporting.
Evidence builds for introduction of new audit committee standards
Financial Reporting Council says new report “lends weight to proposals for reforms in the audit sector”, including new standards for committees.
BDO now biggest auditor in the UK by number of listed clients
‘Challenger’ firm BDO now has 310 audit clients across the AIM and the FTSE main market, to Big Four leader PwC’s 307.