Posts Tagged “auditing standards”

Audit contracts are changing hands rapidly since the FRC and Competition Commission published their separate recommendations to enforce more frequent tendering of FTSE 350 audits. But recently KPMG managed to hang onto the Standard Chartered audit contract after it went out to tender in August of last year. Read more in our previous blog BIG 4 firm KPMG retains Standard Chartered audit

KPMG have been the banks auditor for 40 years and the big 4 firm earned around £9m last year from the audit.

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The European Parliament’s legal affairs committee have approved a draft agreement for EU audit reform in the hope that it will open up the EU audit services market beyond the dominant Big Four firms.

The EUs legal affairs committee voted in favour of the measures agreed in December. Read more in our previous blog Preliminarily agreement reached on the EU audit reform . These measures will force large-listed companies to change the firms that audit their accounts on a regular basis.

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The EU member states have preliminarily agreed the EU audit reform but this will mean auditors will be banned from offering certain non-audit services to their clients.

EU member states preliminarily agreed the EU audit reform on Tuesday. Read more about this in our previous blog Preliminarily agreement reached on the EU audit reform

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The FRC has stated that it is still committed to the international auditing standards and has defended its decision to make changes to the UK auditing rules before recommendations are agreed at a global level.

The ICAEW criticised the FRC for implementing new audit standards when global changes were only being discussed. Read more here in our previous blog Global changes need to be made to auditor reporting rule 

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