Financial Statement

FRC sanctions EY over SWSF 2019 audit

The FRC has sanctioned EY and its audit engagement partner Christopher Voogd over Stirling Water Seafield Finance’s (SWSF) 2019 financial statement. Following an investigation, the FRC found out that EY by undertaking the audit exceeded the maximum ten year engagement period for audits of a Public Interest Entity (PIE) without…

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EY integrates AI technology into global assurance tech platform

EY has announced the integration of an “industry-leading” series of capabilities, which bring AI at scale to support the Big Four firm’s more than 160,000 audit engagements globally.  The news comes as the latest milestone in the firm’s “groundbreaking” $1bn (£760m), four-year assurance technology investment as part of its plan…

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Today’s news in brief – 25/2/2025

MHA has promoted Liam Hammond to audit partner at its Leicester office. Hammond, who joined as an audit trainee in 2006, has steadily advanced, reaching director level in 2020 before his latest promotion. His expertise spans industries such as logistics, pharmaceuticals, and hospitality, with a specialisation in pension scheme audits.…

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Azets appoints new financial services audit partner in York

Azets has announced the appointment of Alain de Braekeleer as its latest financial services audit partner to join the firm’s York office in Monks Cross Drive.  De Braekeleer, who has 20 years of experience in financial services audit at KPMG, has also led many Financial Statement and Client Money audits…

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How to prepare for a financial statement audit

Preparing for a financial statement audit can be a daunting task for any organisation, whether large or small. An audit provides an independent assessment of a company’s financial statements, ensuring accuracy and compliance with accounting standards.  Proper preparation not only facilitates a smoother audit process but also minimises disruptions to…

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EY’s Dilek Cilingir Kostem and her strategy for talent engagement

Can you tell us a little bit about your career progression? I started in auditing because I wanted to learn the ins-and-outs of businesses as fast as possible. As a junior auditor, I gained in-depth and behind-the-scenes insight into how companies operate, scale and transform. I was amazed; I had…

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Mazars appoints Connie Crawford as IT audit partner

Mazars, the international audit, tax and advisory firm, has appointed Connie Crawford as an Information Technology (IT) audit partner. The firm said the appointment reflects Mazars’ ongoing commitment to developing its technology offering, as well as “reflecting its range of expertise across the firm’s regional offices”. Based in Edinburgh, Crawford…

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‘More needed’ to improve local authority reporting, says ICAEW

ICAEW’s response to a CIPFA LASAAC consultation has called for the local audit system leader to take a “whole system approach” to resolve infrastructure reporting issues. Regular emergency consultations on proposals to temporarily lower financial reporting standards are not the best approach to resolving the crisis in local audit and…

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FRC fines Mazars £314,000 for audit failings

The Financial Reporting Council (FRC) has issued a £314,000 sanction to Mazars for its audit of a local government authority’s 2019 financial statements. The sanction was accepted by Mazars with the committee proposing a discount of 20% for co-operation and admissions to £250,000. The most significant “failing” was in respect…

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ACCA releases fraud prevention recommendations

The Association of Chartered Certified Accountants (ACCA) have released a new report providing recommendations for regulators, standard setters and auditors in tackling fraud and addressing ongoing concern issues. The report has been issued by the ACCA, Chartered Accountants Australia and New Zealand (CA ANZ), Chartered Professional Accountants of Canada (CPA…

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