Tag: EY
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”.
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.
Auditors struggling to challenge management, says FRC
Financial Reporting Council report warns that auditors are still failing to reach the “necessary high standard” of audit quality.
Big Four accountancy firms see decline in combined audit income growth
PwC, EY, Deloitte and KPMG saw audit income grow by 1.7% in 2017–18 compared with 5.7% the previous year, amid continuing pressure for market reform.
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.
Setting the pace: how to ensure your board is fit for the future
EY’s latest whitepaper looks at the key actions boards should take now to ensure they set the pace—or risk falling behind.
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 .
Trend for portfolio reviews drives M&A optimism
The appetite for M&A is rising despite uncertain times. Behind it is the growing popularity of quarterly portfolio reviews.
Audit woes and reform wrangles
A fierce debate is underway over the future of audit. Could it be resolved with an independent body appointing company auditors?