According to Article 13 of the Audit Regulation of 2014 (Regulation EU 537/2014), a statutory auditor of a public interest entity (PIE) must publish an annual transparency report on the firm’s website, at the latest four months after the end … Continue reading
Category Archives: Europe
An Overview of KAMs – 2019
Since our last analysis of key audit matters in December 2019, the Audit Analytics KAMs database has grown to include over 40,000 KAMs from the audit opinions of over 4,600 companies. KAMs, required under ISA 701 for fiscal years ending … Continue reading
Shrinking Auditor Market in the Netherlands
Auditor market share is extremely concentrated in the Netherlands due to the dwindling number of audit firms registered to audit public interest entities (PIEs). In 2018, there were nine audit firms licensed to audit PIEs. However, in the past year, … Continue reading
Ties to be Severed Between the Auditing and Consulting Arms of the Big Four in the UK
The Financial Reporting Council (FRC) is now acting on changes recommended by the recent independent reviews of the audit market in the UK. Deloitte, EY, KPMG, and PwC have each been notified on 6 July 2020 that they have four … Continue reading
Mandatory Audit Firm Rotation in the FTSE 350
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
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