Big Four mishaps in U.K. underscore need to challenge auditors
By 
Neil Hodge2021-09-22T15:55:00
Companies should question their auditors throughout the audit process, particularly in the wake of a spate of recent enforcement actions in the United Kingdom targeting the Big Four and other large firms for audit deficiencies.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefFRC fines PwC, auditor combined $4.1M over 2019 work of Wyelands Bank
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
-
ArticleReported SEC probe of Big Four taking page from U.K. breakup plans?
The Securities and Exchange Commission is reportedly investigating whether large audit firm consulting services affect auditor independence. Any action taken might mirror the United Kingdom’s ongoing actions to break up the Big Four’s dominance.
-
ArticleFRC report sets quality expectations for U.K. audit firms
The U.K. Financial Reporting Council published a blueprint for how it wants audit firms to perform to ensure they deliver high-quality audits.
More from Accounting & Auditing
-
PremiumExperts explain why IIA's new global audit rules will be 'central' to securing high-quality assurance
Compliance teams should expect more support from their organization’s internal audit functions. That is the clear message from the Institute of Internal Auditors, the global body of national affiliated internal audit institutes, which has just put into action its new Global Internal Audit Standards.
-
PremiumChinese regulators impose six-month ban, $62M fine on PwC’s China unit
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
-
News BriefPCAOB Chair Williams appointed to second term
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.