Next week’s vote on the appointment of KPMG plc at Rentokil (15 May) looks to be more than usually interesting. While the cut price deal struck by KPMG offers a 30% headline discount, concerned investors are questioning the real hidden costs of blurring lines of accountability to management on the one hand and the real …… continue reading >>
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The increasing foreign ownership of UK companies is forcing the UK’s reporting watchdog the FRC rethink the role of audit and market oversight. Stephen Haddrill, chief executive of the Financial Reporting Council, speaking to senior finance figures this week said that he would canvass opinion on the adequacy of the audit report, whether there needs to be …… continue reading >> The $185 million in civil and criminal payments agreed in a U.S. courtroom last week by the German car maker Daimler have been widely reported. What has been less well covered is the role of the internal audit team that could have prevented the wreck in the first place. In 1997 Germany ratified the OECD Anti-Bribery Convention …… continue reading >> The Auditing Practice Board has published 137 responses to its consultation on audit firms providing non-audit services to listed companies that they audit. A consistent theme in may of the responses is a call for further transparency in disclosures in accounts of listed companies in relation to the non-audit work undertaken by the auditor. …… continue reading >> There is no benefit to be gained from a complete prohibition on auditors providing non-audit services to their listed clients. That’s the view of a new research paper published by a Working Group established by the Institute of Chartered Accountants of Scotland to examine the issue of the provision of non-audit services by external auditors after …… continue reading >> The iSoft conspiracy case has moved on another step with the announcement by the Financial Reporting Council that its Accountancy and Actuarial Discipline Board has called a disciplinary hearing to investigate a formal complaint against a member of the Institute of Chartered Accountants in England and Wales in relation to the issues brought out …… continue reading >> Amendments to ‘Broker Voting Rule’ yield unexpected results The long-awaited change to NYSE Rule 452, effective Jan. 1, 2010, reclassifying uncontested director elections as ‘non-routine’ items, thereby eliminating the discretion of brokers to vote uninstructed shares, also makes it more difficult for companies with no routine matters on the ballot to achieve a quorum. Under …… continue reading >> From Polly Peck to Satyam, recurring audit failures have undermined investor confidence in corporate governance. The Institute of Chartered Accountants in England and Wales and the Financial Reporting Council hope to address those concerns through its newly published “Audit Firm Governance Code”. This comply or explain Code will apply to the eight largest U.K. accounting firms which collectively are responsible …… continue reading >> |
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