Audit reform: BEIS committee follow-up inquiry

The House of Commons Business, Energy and Industrial Strategy (BEIS) Select Committee has launched a follow-up inquiry on audit reform. The Committee originally launched an inquiry into audit reform in November 2018, publishing its report in April 2019. The follow-on inquiry has been launched in light of a number of reviews on audit-related matters, including … Read more

FRC letters to auditors and updated Brexit legal guide

The Financial Reporting Council (FRC) and Department for Business, Energy and Industrial Strategy (BEIS) have published joint letters for auditors and accountants with information in relation to auditing and accounting and corporate reporting standards during the transition period following the UK’s exit from the EU. In relation to accounting and reporting, the letter confirms that … Read more

Brydon Review Report on Audit

The Department for Business, Energy & Industrial Strategy (BEIS) published the final report of the independent review by Sir Donald Brydon into the quality and effectiveness of audit in December 2019. In December 2018, the Government asked Sir Donald to lead an independent review into the UK audit market in response to the perceived widening … Read more

FRC updated Practice Aid for audit committees

The Financial Reporting Council (FRC) published an updated version of its Practice Aid for audit committees in December 2019. The practice aid provides guidance on audit quality evaluation to help audit committees with their assessment of the external audit process. The updates take into consideration developments in the governance and auditing framework since the first … Read more

Government consultation on CMA audit recommendations

In July 2019, the Department for Business, Energy and Industrial Strategy (BEIS) published an initial consultation on the recommendations made by the Competition and Markets Authority (CMA) following its market study on the statutory audit services market, final report of which was published in April 2019. The report recommended that the Government implement a package … Read more