https://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/professional-services/accounting-and-finance/auditKohanaPHPIan Ko and Ananta Singhhttps://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/navigating-generative-and-agentic-ai-the-frcs-latest-expectations-for-auditorsWed, 22 Apr 2026 00:00:00 +0100The use of generative and agentic AI in audit is increasing rapidly as accountancy firms seek to improve efficiencies in audit engagements. The development of regulatory guidance has however largely trailed behind the pace of innovation, with little formal guidance on this topic issued since last July when the FRC published its “landmark” guidance on AI in audit. That guidance was an important first step in providing a “coherent approach” to AI deployment, and provided insight into the documentation requirements for AI tool development that the FRC expected to see.  https://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/navigating-generative-and-agentic-ai-the-frcs-latest-expectations-for-auditorsJulie Matheson and Ian Kohttps://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/changes-for-accountancy-firms-to-keep-a-close-eye-on-in-2025Mon, 13 Jan 2025 00:00:00 +0000From an increasing spotlight on private equity investment to substantial changes in the ICAEW’s Code of Ethics, 2025 is shaping up to be a year filled with both opportunities and challenges for the accountancy and audit sector. What key areas should accountancy firms keep a close eye on over the coming year?https://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/changes-for-accountancy-firms-to-keep-a-close-eye-on-in-2025Julie Mathesonhttps://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/what-will-2022-bring-for-audit-and-accountancy-regulationFri, 21 Jan 2022 00:00:00 +0000Seismic shifts in the audit and accountancy regulatory landscape were set in motion last year, which are expected to continue to take shape and impact the sector during 2022. https://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/what-will-2022-bring-for-audit-and-accountancy-regulationJulie Matheson and Sarah Harrishttps://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/audit-reviews-the-process-pitfalls-and-published-themes-a-focus-on-frc-audit-quality-reviewsMon, 01 Mar 2021 00:00:00 +0000In the second blog of our audit series, Julie Matheson and Sarah Harris discuss the FRC’s recent Audit Quality Inspection report, describe how the FRC uses its powers to uphold audit quality and provide some tips on what to do if the FRC opines that one of your firm’s audits needs more than limited improvements.https://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/audit-reviews-the-process-pitfalls-and-published-themes-a-focus-on-frc-audit-quality-reviewsJulie Mathesonhttps://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/audit-reviews-the-process-pitfalls-and-published-themesThu, 16 Jul 2020 00:00:00 +0100Audit is more in the spotlight than ever.  The financial news pages seem to have a constant stream of stories about corporate collapses, with the inevitable commentary about how the auditor of the collapsed entity is likely to face a regulatory investigation.https://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/audit-reviews-the-process-pitfalls-and-published-themesJulie Mathesonhttps://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/is-the-frc-considering-whether-sarbanes-oxley-should-cross-the-watersWed, 18 Dec 2019 00:00:00 +0000The general election is now over, and Parliament has more time to deal with matters other than Brexit. The spotlight has therefore returned to corporate governance, with The Sunday Times reporting that the FRC is developing a “British version of Sarbanes-Oxley”. It reported that this would “heap more responsibility on to directors, asking them to vouch regularly for the integrity of their financial controls and – if passed into law in the UK – opening the possibility of criminal proceedings against chief executives and finance directors for reporting misleading statements to the market.”https://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/is-the-frc-considering-whether-sarbanes-oxley-should-cross-the-watersRegulatory Teamhttps://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/cma-and-kingman-confirm-sea-change-for-the-audit-sectorFri, 21 Dec 2018 00:00:00 +0000In November of this year we blogged on the Financial Reporting Council’s (‘FRC’) recently published report ‘Developments in Audit’ and highlighted that the FRC’s review was running in parallel with the Competition and Markets Authority (‘CMA’) review of the sector. As we reported, such extensive review has been triggered following the high-profile collapses of companies such as Carillion and BHS.https://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/cma-and-kingman-confirm-sea-change-for-the-audit-sectorJulie Norrishttps://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/frc-strategic-review-2018-developments-in-auditMon, 05 Nov 2018 00:00:00 +0000The high profile collapses of companies such as Carillion and BHS have reignited the debate about the effectiveness of statutory audit. In the FRC’s recently published report, Developments in Audit, the FRC grapples, not for the first time, with how to ensure that audit properly serves the public interest. Auditors can expect some pretty radical changes.https://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/frc-strategic-review-2018-developments-in-auditJulie Mathesonhttps://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/frc-fines-more-of-an-issue-for-audit-firms-than-the-threat-of-civil-litigationMon, 18 Jun 2018 00:00:00 +0100Earlier last week, the Financial Reporting Council (FRC) announced that it had sanctioned PriceWaterhouseCoopers (PwC), and its audit partner Steve Denison, in relation to the 2014 audits of BHS and the Taveta Group (Taveta), following an investigation under the FRC’s Accountancy Scheme.https://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/frc-fines-more-of-an-issue-for-audit-firms-than-the-threat-of-civil-litigationJulie Mathesonhttps://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/will-grant-thornton-be-the-catalyst-for-change-in-the-audit-marketWed, 11 Apr 2018 00:00:00 +0100Grant Thornton last week announced that it has decided to opt out of bidding for audit work for FTSE 350 companies, in a move that could ultimately cause a seismic shift in the audit market.https://www.kingsleynapley.co.uk/insights/blogs/regulatory-blog/will-grant-thornton-be-the-catalyst-for-change-in-the-audit-market