Latest changes in audit exemption thresholds in France and Italy
Following the latest changes in the audit exemption thresholds in France and Italy, we updated our publication Audit exemption thresholds in Europe in October 2019. It provides an overview of the recent changes and currently applicable thresholds in European countries.
UK: Kingman’s letter to the BEIS Committee
Sir John Kingman criticises the government in regard to the Queen’s Speech from 14 October. The criticism refers to not including any reference to the legislation needed for reform of the audit regulator. His letter acknowledges that after the review was published in December 2018, significant progress has been made by the regulator and the government. However, he expresses his disappointment that the crucial final piece, i.e. legislation, was not included in the Queen’s Speech, which sets out the government’s programme for the year. Read more
UK: FRC publishes their annual study – Key Facts and Trends in the Accountancy Profession
The FRC study highlights, amongst others, the following developments in the accountancy profession:
- The fees for non-audit work to audit clients for both big 4 and non-big 4 decreased in the UK
- The total fee and the audit fee income on the other hand increased for big 4 but decreased for non-big 4
- 100% of the FTSE 100 companies are now audited by big 4 companies
- The number of accounting students increased in the UK and worldwide
Netherlands: Public consultation on the interim report of the Committee for the future of the accountancy sector (CTA)
On 1 October, the CTA published its preliminary report on the audit market in the Netherlands. The Committee has been looking into the audit market with the ultimate aim to improve audit quality.
Stakeholders then had 1 month to comment on this CTA interim report.
Report with final findings is expected to be published in December 2019. Read more (available in Dutch only)