Audits

In its annual inspection, the Financial Reporting Council (FRC) noted an improvement in the audit quality of the UK's largest firms, including BDO, Deloitte, EY, Grant Thornton, KPMG, Mazars, and PwC. The FRC reported that 77% of the audits inspected were of high quality or required limited refineme

The Financial Reporting Council (FRC) has imposed fines totalling £5.01 million on PwC and KPMG for audit failings in relation to Eddie Stobart Logistics (ESL), a logistics company listed on the Alternative Investment Market.

The Financial Reporting Council (FRC) has handed out a fine of £1.3 million to KPMG and its former employee Stuart Peter James Smith for audit failings, after it concluded its investigation into the statutory audit of Luceco Plc's financial statements for the financial year ended 31

Deloitte and audit engagement partner Simon Manning have been fined nearly £1 million for failings regarding the statutory audits of SIG plc's 2015 and 2016 financial statements. The Financial Reporting Council (FRC) has issued a final settlement decision notice under the audit enforcemen

The Financial Reporting Council (FRC) has announced new supervision measures to support smaller audit firms seeking to grow their share of the audit market without compromising audit quality. Tier 2 and tier 3 firms audit a minority of listed companies and other public interest entities (PIEs) withi

Audit costs are set to rise by as much as 50% for businesses next year, BDO managing partner Paul Eagland has warned. Mr Eagland said: “I think we’ll see fee inflation next year ... of around 20 per cent,” adding “For certain audits, it could be 50 per cent".

EY's partners will vote on the firm's break-up after leaders approved the split at a meeting this week.

Popular fintech Revolut has received calls to improve its internal controls after the Financial Reporting Council (FRC) found the company's account audits to be significantly flawed.

The Financial Reporting Council (FRC) has released the 20th edition of its annual Key Facts and Trends (KFAT) report. This year's KFAT shows that membership of the accountancy bodies continues to grow, with nearly 390,000 members in the UK and Republic of Ireland and over 590,000 members worldw

KPMG has been fined £20 million by the Financial Reporting Council (FRC) for its audits of Carillion and Regenersis. The £20m fine, which is the largest the big four firm has received in the UK, is part of sanctions for misconduct of audits carried out by KPMG for Carrilion and Regenersi

EY CEO, Carmine Di Sibio, has said that the his firm stands to gain $10 billion (£8.37bn) in additional fees by separating it's auditing and consulting divisions. EY is the first of the big four firms to move towards breaking up of its different business services. The leaders of the big f

The Financial Reporting Council (FRC) has published its annual report and accounts outlining the progress made over 2021/22 towards transitioning to the new independent regulator, the Audit, Reporting and Governance Authority (ARGA). The report sets out the achievements over the past year, incl

The Financial Reporting Council (FRC) has today published its annual inspection and supervision results of the largest audit firms (BDO, Deloitte, EY, Grant Thornton, KPMG, Mazars and PwC). Overall, 75% of audits inspected were good or required limited improvement (compared to 71% in 2021 and 67% in