Thirty-four FTSE 350 companies are required to rotate audit firms or conduct a tender process by 2023, according to EU Regulation 537/2014. The intention of mandatory audit firm rotation is to improve audit quality by limiting risks of repeated inaccuracies, encouraging … Continue reading
Monthly Archives: May 2020
COVID-19 Impacts on European Audit Opinions
This post will be updated to reflect the current number of filings citing the COVID-19 pandemic in a going concern opinion, key audit matter, or emphasis of matter. Overall Statistics As of the week ended 15 May 2020 Audit Analytics … Continue reading
An Update on CAMs
Critical audit matters (CAMs), as required by AS 3101, took effect for audits of large accelerated filers with fiscal years ending on or after June 30, 2019. The majority of large accelerated filers have fiscal years ending on December 31, … Continue reading
European Audit Opinions Signed by Country
It is no surprise that COVID-19 has greatly impacted just about everything at this point; the worldwide pandemic has had such far-reaching effects, we’re only now beginning to understand how far the ripple goes. With that said, it’s also no … Continue reading
Doubt About Going Concern Basis Results in Disclaimer of Opinion
On 30 April 2020, Ernst & Young LLP (UK) issued a disclaimer of opinion for Nostrum Oil & Gas PLC [LON:NOG], formerly Zhaikmunai L.P. The independent oil and gas exploration company is based in Kazakhstan, headquartered in the Netherlands, and … Continue reading
Impacts of COVID-19 on Late Filings
Between fiscal years ended 2015 and 2018, public companies had been improving their ability to deliver timely information; there were 851 late filings issued for fiscal year 2015 and just 638 for fiscal year 2018. However, this trend was reversed … Continue reading
Auditor Changes Roundup: Q1 2020
BF Borgers CPA, with a net of five new SEC audit clients, accounts for the most new SEC audit clients among all firms in Q1 2020. As mentioned in Accounting Today, this is the second quarter in a row that … Continue reading