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."
Please follow link for details: http://www.accountancyage.com/aa/news/2434257/icaew-granted-local-audit-regulatory-powers
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.
Please follow link for details: https://www.accountancylive.com/bis-offers-sensible-approach-complex-eu-audit-directive
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.
Please
follow link for details: http://www.wsj.com/articles/u-k-s-serious-fraud-office-drops-case-against-olympus-corp-gyrus-group-1447163983
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.
Please follow link for details: http://www.accountingtoday.com/news/audit-accounting/iosco-backs-transparency-reports-for-audit-firms-76360-1.html
