“The Big Four’s domination of the large firm audit market in the UK is almost complete: in 2010 they audited 99 of the FTSE 100 largest listed firms, which change auditors every 48 years on average. It is clearly an oligopoly with all the attendant concerns about competition, choice, quality and conflict …… continue reading >>
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The British, or should that be the English, and in particular those living South of the M25, have developed a bit of a reputation in recent years. Well probably many reputations. What we’re thinking of is their inclination to be reticent about speaking their mind on issues which aggravate them. To be more exact, the …… 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 …… 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 …… continue reading >> The UK’s Financial Reporting Council (FRC) has warned against companies signing up for ”bundled audits” pending completion of a review into the ethical questions surrounding their use. As we reported in August, the downturn has encouraged the development of a new type of audit which blends internal and external audit. Rentokil claims to …… continue reading >> The FRC has published its Fourth Progress Report on the implementation of the MPG recommendations on promoting choice in the UK audit market. In October 2007, the MPG published 15 recommendations intended to allow the audit market to work more efficiently and, in the medium‐to‐long‐term, to have a positive impact on audit …… continue reading >> An independent report commissioned by the European Commission has concluded that the differences between US and international audit standards are “negligible”. The study, prepared by the Maastricht Accounting, Auditing and Information Management Research Center (MARC), evaluated the differences between International Standards in Auditing (ISAs) and the standards of the U.S. Public Company Accounting Oversight Board …… continue reading >>
The current economic downturn is encouraging issuers to review their audit arrangements with more pressure to delivery low cost audits says Ernst & Young’s audit chief, John Flaherty.
According to reports in Accountancy Age tendering activity is at its highest level since the beginning of the new millennium. …… continue reading >> |
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