18 April, 2019

Audit committees face public reprimand as part of market reforms

Audit committees should face public reprimand by regulators if they fail to provide adequate scrutiny of their auditors, according to recommendations from the UK’s competition authority. The prop...

18 December, 2018

UK to replace governance watchdog with new regulator

The UK is to scrap the country's governance, financial reporting and audit watchdog—the Financial Reporting Council (FRC)— and replace it with a brand new regulator. The

19 September, 2018

Audit woes and reform wrangles

In July 2002 Lord Sharman, a former chairman of KPMG International, conceded in the pages of Accountancy Age, a trade publication for bean counters, that having a public sector body audit lis...

21 August, 2018

KPMG conflict of interest with Ted Baker results in £3m FRC fine

Accountancy’s regulator has fined KPMG and partner Michael Barradell after they admitted misconduct in relation to the audits of fashion retailer Ted Baker in 2013 and 2014. The Financial Reporti...

7 August, 2018

IoD calls for independent commission to take governance from FRC

One of the UK's leading business groups has called for a new commission to supervise corporate governance, separating the task from the existing watchdog, the Financial Reporting Council (FRC). The...

10 July, 2018

Big Four accountants accused of EU tax policy ‘conflict’

A lobby group has called for the Big Four accountancy firms to be "kicked out" of the policy-forming process in Europe. Corporate Europe Observatory (CEO), a Brussels-based group whose aim is to �...

9 July, 2018

Competition regulator asks Big Four to look for ways to change audit market

Reports suggest this morning that the Big Four audit firms have been asked to investigate ways of increasing the choice of auditors for companies listed in the UK. There has been pressure on the UK...

3 July, 2018

KPMG under further scrutiny over audit of booze business

KPMG, the Big Four audit firm, is to face yet another investigation after regulators announced they would probe its work at open-all-hours wine chain Conviviality. The Financial Reporting Council (...

2 July, 2018

KPMG chief concedes that public trust in audit is waning

The head of KPMG in the UK has admitted that the Big Four audit firms are losing public trust and that change will be needed. However,

29 June, 2018

Deloitte investigated over SIG audit

Deloitte, the Big Four audit firm, is to have its audit of SIG, the building and materials supplier, investigated by a UK watchdog. The Financial Reporting Counci is to examine the audit of the FTS...