Audit preparation

The FRC is toughening up the regulation of Britain’s biggest auditors, as the sector faces heavy criticism over a string of high-profile finance scandals.

The audit is going to undergo massive changes over the next decade — and so will those who conduct them.

Board staff called attention to some important considerations for auditors as they plan and perform audits that may be affected by the ongoing war in Ukraine.

Experts in auditing imagine the ways this core service of the profession will be radically different in a decade.

For now, it’s technology, but soon it will be more about demand from markets — and society as a whole.

The Public Company Accounting Oversight Board issued a Spotlight publication Monday containing some observations and reminders for auditing firms about relying on outside service providers for electronic audit confirmations.

Remote audits have allowed teams to increase efficiencies in the execution of the work.

Baker Tilly and Deloitte also had good quarters at the end of 2021.

Under a commission proposal, funds’ financial statements would need to be audited at least annually.

The collapse of U.K. builder Carillion four years ago is now threatening to inflict more than reputational damage on its former auditor, KPMG.

Ernst & Young issued an audit quality report describing the steps that the Big Four firm is taking to increase auditing quality control.

Average audit fees continued to grow in recent years, increasing nearly 4% from 2019 to 2020 from $2.43 million to $2.52 million, according to a new survey.

The board released its 2020 inspection reports Monday for Deloitte, Ernst & Young, KPMG and PwC, showing mixed results.

Deficiencies remained high in 2020, according to a new report from the board.

Technological changes are already making an impact on how auditing firms are carrying out their audits.

The board staff issued guidance on some of the considerations auditors should have about the relevance and reliability of information they get from external sources and plan to use as audit evidence.

The struggling U.K. fashion retailer has failed to keep pace on price with its high-street rivals and has been closing stores.

The Big Four firm issued its 2021 audit quality report Monday, pointing to progress on auditor independence, along with issues such as diversity and inclusion.

The board reported a decline in the number of firms that had deficiencies last year but the rate is still comparatively high.

In a slow quarter for new engagements, EY and Gries & Associates also made good showings.