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Three Big Four firms monopolise IMA’s audit report awards

Posted by | December 3, 2014 | Big 4 Accounting firms, FTSE 100 companies, Internal Audit, Latest Audit Information & News, Risk Audit, Sarbanes-Oxley

Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have recently learned about the results of Audit report awards, organized by IMA, the worldwide association of accountants and financial professionals.

Three of the Big Four audited all the winning companies and the runners-up in all three categories – FTSE 100, FTSE 250 and FTSE Small Cap and AIM.

The firm which won the most mentions was KPMG. They audited three of the winning companies and five of the runners-up. Furthermore, PwC audited two winners and Deloitte audited one winner and a runner-up.

There were two awards in each category. The first award was for the most insightful audit report, which recognises the reports that give the most entity specific and enlightening information for investors to use when engaging with the audit committee.

The second was for the most innovative reports, which identifies those reports where the auditors have thought outside the box to find a way to present their findings in an engaging and readable way.

Mentioned awards were set up in the light of the introduction last year of the Financial Reporting Council’s enhanced auditor reporting rules. After the ceremony, IMA’s chief executive Daniel Godfrey declared “The success of the new audit standard is of paramount importance to the investment industry,”

He also added “Our awards are held in recognition of this alongside commending greater transparency and excellence in auditor reporting and supporting the industry’s progress.”

One of the night’s protagonist, Tony Cates as KPMG’s UK head of audit, gladly declared he was delighted with the awards which vindicated the decision to go beyond the FRC’s requirements and pilot three audit reports which included commentary from the individual audit partner on the audit findings.

In addition to that he said “This discussed qualitative matters in order to help give colour, depth, and so create a better platform for engagement between shareholders and the company”  “Those pilot reports and others have been recognised in these awards.”

Finally he concluded, “Continuing change is needed, and that is why earlier this autumn we set out a new policy of going further by reporting our audit findings where the company engages us to do so.”

 

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