The Financial Reporting Council (FRC) has issued a Final Settlement Decision Notice, making it clear that Ernst & Young LLP (EY) and an individual audit partner were found in breach of key auditing standards in their work on the Thomas Cook Group plc audits for the financial years ending 30 September 2017 and 30 September 2018.
In this article by Tim Leech, he delves into the evolving roles of risk and internal audit functions, exploring how they can transition from their traditional, compliance-focused image to become key decision-support partners for management and the board. Drawing on his extensive experience, Tim outlines the need for change in how internal audit and risk functions operate, emphasizing the importance of aligning with mission-critical objectives to drive better decision-making and organizational success.
The latest report from the International Forum of Independent Audit Regulators (IFIAR) is out, and it doesn’t pull any punches. Released on March 17, 2025, the 2024 Survey of Inspection Findings paints a picture of the state of global audit quality, and it’s not as pretty as many might hope.
The Public Company Accounting Oversight Board (PCAOB) just dropped its 2024 annual report, and it's clear they’ve been busy making real moves in the audit space. From faster inspection results to tougher accountability for bad actors, this year's report showcases some significant changes aimed at strengthening trust in the auditing process—and, of course, protecting investors. Here’s the lowdown on what the PCAOB is doing to shake up the audit world in 2024.
For those unfamiliar with Wyelands Bank, it has been around since 1980, but its fate took a significant turn when it was acquired in 2016 by a new owner. This acquisition placed the bank under the umbrella of the Gupta Family Group Alliance (GFG Alliance), a conglomerate with diverse interests, including steel, aluminum, and renewable energy. By 2019, the bank had shifted its primary focus to trade finance, with a staggering 84% of its business tied to GFG Alliance-related entities.
In this article by Tim Leech, we dive into the evolving role of internal audit and risk management functions. The 2025 North American Pulse of Internal Audit report has just been released, and it brings forth important observations that are crucial for understanding the current landscape of internal audit and risk management. The question arises over whether organizations should stick with the traditional model of Risk & Controls Enforcement, or should they shift towards providing decision support services that align with mission-critical objectives (MCOs) and risks?
The true purpose of every Chief Risk Officer (CRO) and Chief Audit Executive (CAE) should be to support management and boards in making informed, critical decisions. Unfortunately, this is not always the case today. Risk units and internal audit functions should be instrumental in guiding management and boards in the decision-making process, particularly when it comes to managing risks and uncertainties linked to mission-critical objectives (MCOs).