Accounting and auditing news covering Big Four firms, financial reporting standards, audit enforcement, restatements, and corporate accounting policy.
The Australian government announced plans to increase regulation of the Big Four accounting firms after governance failures, including a KPMG scandal. ASIC will gain more powers and stronger penalties, and the government is considering breaking up the firms.
The Institute of Chartered Accountants of Scotland (ICAS) and BPP have introduced the Accounting and Business Professional (ABP) qualification in England. Eligible for Level 4 apprenticeship funding, the program blends in-person and online teaching over 12-15 months, with a pathway to chartered accountant status.
The FRC revised directions for Third Country Auditors, effective September 1, 2026, allowing Chinese-registered companies listing GDRs on the Shanghai/Shenzhen Stock Connect segment of the LSE to use Chinese auditing standards. Auditors must disclose use of Control Self Assessments and that they haven't been assessed as equivalent to international standards.