The U.K.’s audit regulator has issued what it says is the world’s first guidance on the use of generative AI and agentic AI in auditing. This sets out where AI should and shouldn’t be used in auditing, and why audit firms will not be able to blame the tech if it goes wrong.
Ruth Prickett
Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine for the Chartered Institute of Management Accountants, for many years before relaunching and editing Audit & Risk magazine for the Chartered IIA. She has written for a wide range of specialist business titles and drafted white papers and reports for clients including HSBC and Vodafone.
Posted inFinance
U.K. Targeted Support narrows advice-guidance gap, raises compliance stakes
The U.K.’s Targeted Support Scheme, intended to provide millions of people with a newly created category of affordable regulated financial advice, went live on April 1. The U.K. government billed the scheme as a “once in a generation” change that will help millions to navigate their financial lives more effectively.
Posted inRegulatory Enforcement
Chocolate bars: Investigations into Ferrero are a lesson for compliance on EU antitrust commitments
Chocolate companies are in the sights of EU antitrust regulators. Ferrero, maker of Kinder, Ferrero Rocher, and Nutella, has revealed that it was the target of “dawn raids” by the European Commission in two EU member states.
Posted inArtificial Intelligence
U.K. joins global trend for AI-enabled regulatory supervision
The U.K. financial regulator is expanding its remit and planning to deploy AI to manage its increased workload. This is part of a global trend and has significant compliance implications.
Posted inRegulatory Policy
U.K. banking regulator focuses on accountability, governance and data while relaxing reporting cycles
The U.K. banking regulator is shifting its focus to rigorously monitoring outcomes, rather than adding rules, and this is driving investment in oversight functions.
Posted inEurope
EU unveils customs overhaul to tackle e-commerce and geopolitical shifts
The EU Customs Union currently deals with trade worth €4.3 trillion a year. In 2024, 2,140 customs offices across the trading bloc collected almost €27 billion in customs duties and dealt with 1.37 billion items.
Posted inOpinion
Gartner director Stuart Strome on how compliance can shift from the ‘no’ department to an instigator of innovation
AI governance is crucial to organizational innovation, according to Stuart Strome, director at Gartner. Businesses that lead corporate governance initiatives around AI will be better placed to manage regulatory risks and facilitate technological advances without increasing friction.
Posted inEthics & Culture
Why compliance managers should be looking for career opportunities in national security teams
Rapidly evolving geopolitical and geo-economic risks are leading to the evolution of national security teams in a wide range of companies and corporate advisors. For compliance managers with the optimum skills and experience, they provide an interesting and important career opportunity.
Posted inAccounting & Auditing
U.K. audit regulator launches new supervisory model, but wider audit reform questions remain
The U.K. audit regulator has announced a major “evolution” of its audit supervisory model, promising to introduce a more proportionate, effective, and integrated framework.
Posted inUnited Kingdom
U.K. financial regulator and Ombudsman set out modernization plan for consumer redress
Changes to the U.K.’s Financial Ombudsman Service, which enables consumers to pursue financial services firms for compensation for unfair treatment, will place greater weight on firms’ compliance. The changes have been prompted in part by the scandal surrounding poor-value car loans provided via dealers.
