Audit News Briefing: 08 October 2015

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

October 2, 2015

Accountancy Live

Audit updates: October 2015

Audit tender: KPMG replaces PwC as auditor to Experian

KPMG is the new auditor of consumer credit check company, Experian plc – to replace PwC who have been pioneer external auditors from October 2006.

EU rules: BIS set to issue further consultation on EU audit directive

In accordance with the implementation of the EU Audit Directive and Regulation on 17 June 2016 – the Department for Business, Innovation and Skills (BIS) will publish a formal consultation this autumn focusing on the definition of a public interest entity (PIE), Financial Reporting Council (FRC) powers and the responsibilities of professional bodies. It will also consider issues around the introduction of mandatory retendering and rotation of PIE auditor appointments.

The practical application of the following requirements of the regulations need to be resolved: the types of entities in scope; prohibited non-audit services (NAS) to audit clients; application of independence principles across global accounting firms’ networks; and audit firm and key audit partner rotation.

KPMG ousts PwC as auditor of listed Premier Foods

KPMG will replace PwC after 11 years with Premier Foods. The latter’s statement explains: ‘The audit committee considered an audit tender in 2013 and it was agreed a formal tender exercise would be deferred until 2015, which represents the 11th year of the current auditor’s appointment.’

Please follow link for details:

https://www.accountancylive.com/audit-updates-october-2015

September 30, 2015

Accountancy Age

FRC consults in readiness for EU audit rules

The Financial Reporting Council (FRC) Chief Executive Stephen Haddrill’s statement reads: "The Audit Regulation and Directive is large and complex. We are working closely with professional bodies to make sure the new regulatory regime works as effectively as possible… We must ensure that it builds on the progress made in the UK in recent years in terms of the quality of audit, that competition in the audit market is strengthened in a way that supports innovation, and that the regulatory regime that emerges provides confidence to investors and to firms by being fair, understandable and independent." Please follow link for details: http://www.accountancyage.com/aa/news/2428095/frc-consults-in-readiness-for-eu-audit-rules

September 29, 2015

ICAEW

Press Release: Organise your financial filing says ICAEW

The Institute of Chartered Accountants in England and Wales (ICAEW) thru Tax Faculty Technical Manager Anita Monteith provided guidelines for financial filing, as published in their September 29 press release.

 

These are some of the most common items you should keep on file to keep on top of your financial paperwork:

    Payslips

    P45s/P60

    Dividend statements

    Records of charitable giving

    Bank statements and interest certificates

    Pension letters

    Pension contributions record

    Utility bills

    Mortgage statements

    Tax credit award notices

Please follow link for details: http://www.icaew.com/en/about-icaew/newsroom/press-releases/2015-press-releases/organise-your-financial-filing-says-icaew