Financial Reporting Council press release 6 June 2013. For more on the Sharman recommendations on going concern, see here.
From the FRC press release:
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5 June 2013
Listed companies: revised International Standard on Auditing (ISA 700)
On 4 June 2013 the Financial Reporting Council issued a revised ISA 700, in its words “a significant change to the UK’s corporate governance regime…with the aim of better communication to investors”. The revised ISA 700 is here and the FRC press release is here. These revisions to ISA 700 are contained in a new paragraph 19A.
The revised standard is designed to complement changes made to the UK Corporate Governance Code in October 2012, and so is effective for audits of financial statements for periods commencing on or after 1 October 2012.
From the press release:
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4 March 2013
“Micro entity” financial reporting: Government consults on how to implement the new EU regime
On 27 February 2013 the Department of Business, Innovation and Skills published a consultation document on “Simpler financial reporting for micro-entities: the UK’s proposal to implement the ‘Micros Directive’ consultation“.
The consultation follows the EU’s adoption in February 2012 of a “Directive on the annual accounts of certain types of companies as regards micro-entities - on which, see this post.
From the executive summary of the BIS consultation:
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11 February 2013
Stopping the direct use of internal audit staff on audit engagement teams: FRC to adopt improved auditing standards on using the work of internal audit
From a Financial Reporting Council press release today:
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8 February 2013
Moving beyond the pass/fail model of audit report: FRC consults on proposals to improve the auditor’s report
On 4 February 2013 the Financial Reporting Council issued a consultation paper ( accompanying press release here) proposing (in the words of the overview to the CP) to require the auditor’s report to:
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1 February 2013
Going Concern and Liquidity Risks: FRC consults on implementing to Sharman Inquiry recommendations
On 30 January 2013 the Financial Reporting Council issued a consultation document on implementing the recommendations of the Sharman Inquiry on Going Concern and Liquidity Risks. The consultation document is here and the accompanying press release is here. From the press release:
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4 December 2012
What could they be implying about the audit profession?
The Financial Reporting Council and the The Institute of Chartered Accountants of Scotland launched on 20 November 2012 “a major project that will investigate the competencies and professional skills of auditors”. Press release here and project document here.
See also: SEC charges China affiliates of Big Four accounting firms with violating US securities laws
Accountancy watchdog starts investigation into PwC’s audits of disaster-prone RSM Tenon
Healthcare Locums fiasco: BDO under investigation
Big Four accountants are just too credulous, says audit watchdog
Auditors are basically useless says House of Lords Economic Affairs Committee
2 October 2012
Improving communications to audit committees and auditor reporting: Revised auditing standards
The Financial Reporting Council issued on 28 September 2012 revised auditing standards which aim “to enhance communications to audit committees and auditor reporting”. From the FRC press release:
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