Posts Tagged “auditor”

Internal Auditors Could Make External Audits More Efficient, that is according to audit profession leaders.

If internal auditors are frustrated about the extent to which external auditors rely on their work, they should circle the wagons internally and initiate dialogue about how to get a better balance to improve audit efficiency.

That’s the advice of audit profession leaders who presented a keynote panel discussion at Compliance Week 2013 regarding some of the biggest audit challenges facing public companies today. “Well-controlled, well-managed organizations cost less to audit,” said Greg Weaver, chairman and chief executive officer at Deloitte & Touche. “Internal audit is a key part of a well-controlled, well-managed organization. Our coordination with internal audit is very helpful in making sure that the work we do is efficient.”

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THE MOST LUCRATIVE AUDIT in the FTSE 100 has been awarded to PwC.

The appointment cements PwC’s position as the most dominant auditors of the banking industry, with the firm already vetting the accounts of Barclays and Lloyds Banking Group.

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  • Confidence 14 percent higher than June 2012 but static since the start of the year
  • Japan and US among top performers in both appetite and capacity for deal-making
  • Healthcare, consumer discretionary and industrial sectors show highest confidence year-on-year
  • Capacity to transact expected to rise 13 percent, with healthcare and technology sectors anticipated to increase the most

 

KPMG International’s latest Global M&A Predictor shows that deal appetite among the world’s largest companies is higher than it was 12 months ago, with forward P/E ratios – a measure of confidence, or appetite – up 14 percent from June 2012.

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Mandatory audit firm rotation was not among the measures the U.K. Competition Commission (CC) proposed Monday to promote competition in the statutory audit services market.

But the CC did include mandatory tendering every five years for the United Kingdom’s largest companies in its proposal, a significant shift from the 10-year retendering period U.K. Financial Reporting Council (FRC) rules currently require. The FRC’s 10-year retendering rule includes a “comply or explain” provision that provides some flexibility, but the CC proposal does not include a “comply or explain” provision.

Tendering is the process by which a company opens its audit to bidding by audit firms that seek a contract to perform the audit work.

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