Latest news with #InternationalStandardsforAuditing
Yahoo
26-04-2025
- Business
- Yahoo
EY US appoints Martin Fiore as Americas vice-chair of tax
Ernst & Young LLP (EY US) has appointed Martin Fiore as the Americas vice-chair of tax, effective 1 July. Fiore will succeed Kevin Flynn, who has led the business since 2022 and is set to retire at the end of the fiscal year. Fiore, currently serving as EY Americas deputy vice-chair – Tax, will be based in New York. In the new role, Fiore will supervise tax strategy and client services, leading a team of more than 18,000 professionals across Canada, the US, North, Central and South America, Israel and the Caribbean. He will also join the US Management Committee, the Americas Operating Executive and the Global Practice Group during what EY described as 'a time of pivotal policy reform'. In his previous positions, Fiore has been credited with guiding EY US and its clients through geopolitical changes and technological advancements including AI, impacting tax. His experience includes serving as US-East region tax managing partner and EY Americas tax talent leader. Fiore is a 31-year veteran of EY US and has been involved in the Americas Inclusiveness Advisory Council. Fiore said: 'I am honoured and excited to be chosen to lead our tax practice. And I feel privileged to inherit the exceptional work of my predecessor, Kevin Flynn. 'I will continue to embrace the technological changes needed to transform tax across compliance, reporting and law while keeping our people at the centre.' Meanwhile, in the UK, the Financial Reporting Council (FRC) is investigating EY for its auditing of the Post Office during the Horizon software scandal. The FRC's investigation will focus on the role of statutory auditors in meeting the auditing standards at the time, excluding broader issues related to the Horizon IT system. Recently, the FRC sanctioned EY and audit partner Christopher Voogd for breaches in the statutory audit of Stirling Water Seafield Finance for the year ending 31 December 2019. EY exceeded the ten-year audit limit for a Public Interest Entity without a public tender, violating company law and the FRC's Mandatory Firm Rotation requirements. Both EY and Voogd failed to adhere to proper procedures for audit engagement, contravening International Standards for Auditing, according to the FRC. "EY US appoints Martin Fiore as Americas vice-chair of tax " was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
25-04-2025
- Business
- Yahoo
EY US appoints Martin Fiore as Americas vice-chair of tax
Ernst & Young LLP (EY US) has appointed Martin Fiore as the Americas vice-chair of tax, effective 1 July. Fiore will succeed Kevin Flynn, who has led the business since 2022 and is set to retire at the end of the fiscal year. Fiore, currently serving as EY Americas deputy vice-chair – Tax, will be based in New York. In the new role, Fiore will supervise tax strategy and client services, leading a team of more than 18,000 professionals across Canada, the US, North, Central and South America, Israel and the Caribbean. He will also join the US Management Committee, the Americas Operating Executive and the Global Practice Group during what EY described as 'a time of pivotal policy reform'. In his previous positions, Fiore has been credited with guiding EY US and its clients through geopolitical changes and technological advancements including AI, impacting tax. His experience includes serving as US-East region tax managing partner and EY Americas tax talent leader. Fiore is a 31-year veteran of EY US and has been involved in the Americas Inclusiveness Advisory Council. Fiore said: 'I am honoured and excited to be chosen to lead our tax practice. And I feel privileged to inherit the exceptional work of my predecessor, Kevin Flynn. 'I will continue to embrace the technological changes needed to transform tax across compliance, reporting and law while keeping our people at the centre.' Meanwhile, in the UK, the Financial Reporting Council (FRC) is investigating EY for its auditing of the Post Office during the Horizon software scandal. The FRC's investigation will focus on the role of statutory auditors in meeting the auditing standards at the time, excluding broader issues related to the Horizon IT system. Recently, the FRC sanctioned EY and audit partner Christopher Voogd for breaches in the statutory audit of Stirling Water Seafield Finance for the year ending 31 December 2019. EY exceeded the ten-year audit limit for a Public Interest Entity without a public tender, violating company law and the FRC's Mandatory Firm Rotation requirements. Both EY and Voogd failed to adhere to proper procedures for audit engagement, contravening International Standards for Auditing, according to the FRC. "EY US appoints Martin Fiore as Americas vice-chair of tax " was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
21-04-2025
- Business
- Yahoo
EY under investigation for Post Office auditing amid Horizon scandal
The UK's Financial Reporting Council (FRC) is investigating accounting firm EY for its auditing of the Post Office during the Horizon software scandal. In a statement, the FRC said its 'investigation will be focused specifically on the role of statutory auditors in meeting the auditing standards that pertained at the time, and not the broader issues related to the Horizon IT system itself'. The Horizon software, developed by Fujitsu, was at the core of the Post Office scandal, reported The Guardian. This scandal has been under inquiry, with public hearings concluding in December. The FRC stated that the investigation into EY follows the public hearings, 'so as not to interfere with the Post Office Horizon IT Inquiry'. The FRC noted that the Institute of Chartered Accountants in England and Wales usually oversees accounting at the Post Office. However, the FRC has 'reclaimed this matter given the heightened public interest considerations'. The investigation will cover four financial years up to 25 March 2018. Post Office executives allegedly used over £130m of taxpayers' funds to defend the company in the inquiry into the wrongful prosecution of over 900 workers. These prosecutions were based on incorrect data from the Horizon system, leading to severe consequences for branch operators between 1999 and 2015, reported the media outlet. The FRC's investigation into EY is part of broader regulatory scrutiny of major accountancy firms. Recently, the FRC sanctioned EY and audit partner Christopher Voogd for breaches in statutory audit of Stirling Water Seafield Finance for the year ending 31 December 2019. EY exceeded the ten-year audit limit for a Public Interest Entity without a public tender, violating company law and the FRC's Mandatory Firm Rotation requirements. Both EY and Voogd failed to adhere to proper procedures for audit engagement, contravening International Standards for Auditing, according to the FRC. "EY under investigation for Post Office auditing amid Horizon scandal " was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
16-04-2025
- Business
- Yahoo
FRC fines EY and audit partner for breaching audit rotation rules
UK's Financial Reporting Council (FRC) has sanctioned EY and its audit partner Christopher Voogd for breaches in the statutory audit of Stirling Water Seafield Finance (SWSF) for the year ended 31 December 2019. EY exceeded the ten-year limit for auditing a Public Interest Entity (PIE) without a public tender, breaching company law and the FRC's Revised Ethical Standard 2016, known as Mandatory Firm Rotation (MFR) requirements. Both EY and Voogd failed to follow proper procedures for continuing the audit engagement, contravening International Standards for Auditing (ISAs), the regulator said. EY has been fined £325,000 ($430,116.07), reduced from £500,000 for admitting to the breaches early in the proceedings. The company has also agreed to non-financial penalties including a severe reprimand and a root-cause analysis report, notes the FRC. Voogd has been fined £32,500, reduced from £50,000, and also received a non-financial sanction. FRC deputy executive counsel Jamie Symington said: 'Mandatory firm rotation is a clear requirement for auditors underpinned by company law and the FRC's Revised Ethical Standard. It is an integral legal safeguard to provide assurance that auditors are demonstrably independent which supports trust and confidence in UK corporate reporting and audit. 'In this case, there were significant failings in relation to mandatory firm rotation requirements at both the engagement and firm level during the continuance stage, which led to EY carrying out audit work despite being ineligible. It highlights the importance of the firm having adequate quality control standards under ISQC 1, as now succeeded by ISQM 1.' EY's internal policies were found inadequate in ensuring the firm's independence and compliance with engagement duration conditions. The firm has taken steps to prevent future breaches and will work with the FRC to implement further necessary actions. This incident follows a recent fine imposed on EY by the FRC for audit failures related to the collapsed travel company Thomas Cook for the financial years ending in 2017 and 2018. "FRC fines EY and audit partner for breaching audit rotation rules" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
