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24 May, 2025

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Tag: BHS

failure to reform audit

Failure to reform audit could hit taxpayers’ pockets

When large firms go bust, ‘the British public pays the price’ in bailouts, job losses and disruption, warns professor.

male boards

Director’s code draws on Nolan Principles

IoD’s new code of conduct for directors expected to become ‘badge of pride’

governance failings

A perfect storm of governance failings

The need for well-resourced independent assurance, backed by a strong audit reform and corporate governance bill, is stronger than ever.

audit reform

Boards will need to make internal controls statement

Government legislative agenda sees FRC reduce governance code revisions, but declaration on controls survives the cull.

U-turn on audit reform

An uncomfortable U-turn on audit reform

The government’s bonfire of the regulations expected for audit reform creates a source of uncertainty for business.

government reform

UK government backtracks on audit reform

Plans for resilience reporting regulations are scrapped in the volte-face, as is the requirement for an audit and assurance policy.

kpmg fine

Record fine for KPMG over Carillion audit

In all, the auditing giant has now been fined £30m for its failures at Carillion, reduced to £21.5m for co-operation.

audit reform IIA

Why we need audit reform right now

There is an “urgent need” for reform to the audit landscape as well as internal audit, the Chartered IIA argues.

Ashurst, pension regulation

‘Uncharted territory’ for directors as hard line set for pension regulation

Board directors are entering a tough new era, with regulatory proposals to impose sanctions for directors who deliberately put their employees’ pensions at risk.

PwC

PwC heavily criticised for ‘failed’ audit of BHS

A report from the Financial Reporting Council delivers scathing criticism of PwC’s audit of collapsed retail chain BHS and the partner who headed the work.

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