Tag: Carillion
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 .
‘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.
IoD calls for independent commission to take governance from FRC
The Institute of Directors has called for the supervision of UK governance to be removed from the Financial Reporting Council and placed with a new independent commission.
Audit industry to face fresh “root and branch” review by UK government
Central government is searching for a senior figure to undertake a review of the audit market and model.
Watchdog spotlights KPMG for ‘deterioration’ in audit quality
The Financial Reporting Council has highlighted a worsening in audit quality at KPMG as reports that audit standards across the Big Four firms has fallen.
Big Four auditors ‘prepared’ if regulators push for split
The Big Four audit firms have prepared contingency plans for being broken up, if regulators insist on making big interventions in the market.
MPs call on competition regulator to review audit market post-Carillion
MPs investigating the collapse of Carillion have levelled scathing criticism at the former finance director, the board, auditors and regulators, calling for the referral of Big Four auditors to the Competition and Markets Authority.
‘Root and branch’ review of FRC launched by government
Business secretary Greg Clark has launched an independent review of the role of accounting watchdog Financial Reporting Council, over concerns that it “lacks teeth”.
Watchdog to step up monitoring of largest audit firms
Financial Reporting Council says it will take a closer look at leadership at the six biggest audit firms.
Grant Thornton’s decision throws a cloud over audit market
Grant Thornton’s decision to stop pitching for big audit contracts raises fresh questions about the UK’s audit market.