Thursday, November 12, 2015

Audit News Briefing: 12 November 2015

Audit-is-cool is pleased to accumulate and provide its readers with the news on audit and related topics:

November 11, 2015
Accountancy Age
ICAEW granted local audit regulatory powers
The Financial Reporting Council's (FRC) granted to the Institute of Chartered Accountants in England and Wales (ICAEW) a Recognized Supervisory Body (RSB) status for local audit.
ICAEW Executive Director Vernon Soare said: "There is more scrutiny than ever on how public money is spent. Local audits promote confidence in the financial management of local bodies which provide vital services to their communities. The firms on the public audit register will have gone through a rigorous and thorough process to make sure they provide a high quality audit service."

November 11, 2015
Accountancy Live
BIS offers sensible approach to complex EU Audit Directive
Auditor Regulation Consultation – coverage: mandatory audit firm rotation regime; and new restrictions on provision of non-audit services by auditors of PIEs.
The Department for Business, Innovation and Skills (BIS) confirms: The Financial Reporting Council (FRC) will be appointed as the single competent authority for regulation of UK audit; ‘10+10’ approach to maximum duration of an audit appointment; and proposed three-year grace period in applying the cap on non-audit services.
The consultation closes on 9 December 2015.

November 10, 2015
Wall Street Journal
U.K.’s Serious Fraud Office Drops Case Against Olympus Corp., Gyrus Group
High-profile accounting scandal began from an expose in 2011by then ousted Olympus CEO Michael Woodford. Now, Britain’s Serious Fraud Office (SFO) has dropped its two-year case against Japan’s Olympus Corporation and U.K. subsidiary Gyrus Group Ltd., which it had charged with making misleading statements to auditors.

November 9, 2015
Accounting Today
IOSCO Backs Transparency Reports for Audit Firms
The Report: Transparency of Firms that Audit Public Companies.

Firm governance and elements of their system of quality control – these are the audit firm practices to be transparent about, as recommended by IOSCO. The worldwide association of national securities regulatory commissions noted that transparency reporting can foster internal introspection and discipline within audit firms and may encourage audit firms to sharpen their focus on audit quality, which would be of benefit to investors and other stakeholders.



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