Tag: Big Four
Governance week: Rio Tinto, ESG, climate risk, Aussie audit
Investors lead backlash against Rio Tinto over destruction of Aboriginal sites. Plus a warning from ecoDa on sustainability, and analysis of Australia’s audit market.
PwC loses top spot in the FTSE 100 audit rankings to KPMG
PwC no longer audits the most clients among the UK’s 100 biggest listed companies, plunging from first to fourth position.
Audit keeps failing—here’s why a fundamental change is needed
The frequency with which companies fail—seemingly without any warning signs—has grown in recent years, with Wirecard the latest example. Auditing needs reform.
FRC scrutiny of audit quality reveals “unacceptable” level of issues
The Financial Reporting Council looked at 88 audits conducted by a number of firms and found that 33% needed “more than limited improvements”.
FRC issues principles for separation of audit from other services
The UK financial watchdog has announced that the operational separation of audit must take place by the end of June 2024.
BDO client increase sees it overtake KPMG in UK auditor rankings
Signs of change at the top as BDO is ranked second only to PwC by number of listed clients—although FTSE 100 audits remain the preserve of the Big Four.
UK government could introduce shared audits for large companies
Recent media reports suggest the government is leaning towards shared audits as part of long-awaited market reforms—despite warnings against the move.
Auditor resignations indicate new attitude to client selection
A series of high-profile auditor resignations suggest that UK audit firms are becoming more cautious about the companies they work for.
Mazars wins Goldman Sachs audit deal amid debate on market reform
The contract means Goldman Sachs will be the only sizeable bank to be audited by a firm that is not one of the Big Four—with significance for other smaller audit firms and the future of the audit market.
Audit committees face public reprimand as part of market reforms
The Competition and Markets Authority says regulators should punish audit committees, impose joint audits and force an “operational separation” of auditors from other parts of their firms .