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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-07-06T19:35:00
The U.K. Financial Reporting Council (FRC) noted overall improvement in annual inspection and supervision results for the largest audit firms for a fourth consecutive year as part of its latest quality review.
The FRC announced Thursday the seven “Tier 1” firms—BDO, Deloitte, EY, Grant Thornton, KPMG, Mazars, and PwC—combined to have 77 percent of audits inspected be deemed good or require limited improvement, an increase from 67 percent in 2020. The overall number of audits reviewed requiring significant improvement was 3 percent, compared to 7 percent during the 2021/22 inspection cycle.
“It is encouraging to see the ongoing and consistent improvement in audit quality at the largest audit firms,” said FRC Deputy Chief Executive Sarah Rapson in a press release.
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News and analysis for the well-informed compliance or audit exec.
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2023-08-18T16:30:00Z By Jeff Dale
The U.K. Financial Reporting Council fined audit firm Mazars £72,000 (U.S. $92,000) for “wide-ranging failings” in its audit of an unnamed market traded company.
2023-06-29T20:30:00Z By Kyle Brasseur
The U.K. Financial Reporting Council separately penalized Big Four audit firms PwC and KPMG for deficiencies in their work at transport company Eddie Stobart Logistics for the financial years ended 2018 and 2017, respectively.
2023-05-09T13:33:00Z By Kyle Brasseur
The U.K. Financial Reporting Council launched an investigation into the work of Big Four audit firm Deloitte at collapsed clothing retailer Joules Group.
2024-06-12T01:46:00Z By Kyle Brasseur
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after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
2024-06-03T17:35:00Z By Kyle Brasseur
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
2024-05-24T16:27:00Z By Jeff Dale
Los Angeles-based bank holding company Broadway Financial Corp. disclosed in a public filing weaknesses discovered in its internal control over financial reporting because of training shortfalls.
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