Regulatory bodies

baroness-hogg-1

FRC vows to continue audit reform fight in annual meeting

FRC says it plans to work closer with audit committees, opens Brussels office, and is verging on sanctioning audit performance failures itself, at Baroness Hogg's last annual meeting

17 Sep 2013

Public Company Accounting Oversight Board

PCAOB uncovers audit failings at KPMG and PwC

Inspections by US's accountancy watchdog uncover failings in 38 audits carried out by PwC and KPMG

02 Sep 2013

Competition Commission website

Competition watchdog urged to water down audit tendering rules

Competition Commission told to scrap five year audit tendering plans in favour of FRC’s ten year 'comply or explain' approach

27 Aug 2013

FRC and PCAOB agree to joint audit supervision

Agreement allows for joint work on inspections and exchanges of otherwise confidential information

23 Aug 2013

PCAOB highlights worrying number of “deficient” audits

Firms auditing brokers and dealers found wanting by PCAOB inspections

21 Aug 2013

Tendering changes will cost audit market £100m a year

Taken together, FRC and Competition Commission audit proposals will cost accountants and businesses £100m a year

16 Aug 2013

PCAOB proposes biggest shake-up to US audit reports since 1940s

America's accountancy watchdog wants auditors to reveal more information about the listed companies they audit

14 Aug 2013

FRC rubbishes mandatory five year audit tendering

FRC warns five year tendering could result in a "sham process" that will undermine competition

13 Aug 2013

Grant Thornton facing two FRC audit probes

FRC is to scrutinise Grant Thorton's auditing of Manchester Building Society and drinks company Nichols

07 Aug 2013

FRC closes investigation into KPMG BAE audit

FRC closes investigation because no realistic prospect that a tribunal will make an adverse finding to undertaken so long ago

01 Aug 2013

MEPs cast doubt on compatibility of IFRS with EU law

A group of five MEPs call for a review of IFRS' compatibility with European company law

29 Jul 2013

RBS fined £5.6m over reporting blunders

City watchdog finds Royal Bank of Scotland failed to properly report 44.8 million trades between November 2007 and February 2013

25 Jul 2013

Competition Commission outlines five-year audit tenders

Auditors to bid for work every five years under new competition rules; but avoid mandatory rotation

22 Jul 2013

IASB makes progress on conceptual framework

Global standard setter puts draft of the conceptual framework revisions out for discussion

19 Jul 2013

FRC overshoots budget by £1.6m

Total expenditure in 2012/13 was £25.5m, driven up by a rise in disciplinary case costs

18 Jul 2013

US accountants applaud mandatory audit rotation block

US decision to prohibit mandatory audit rotation sends "clear message" to end debate in Europe

09 Jul 2013

FRC launches search for new conduct committee chair

Richard Fleck, chair of the FRC's conduct committee, is to step down at the end of the year

03 Jul 2013

New disciplinary arrangements published by FRC

FRC no longer be required to consult with the professional institutes before beginning an investigation under new disciplinary arrangements

01 Jul 2013

IASB chair calls for behavioural change in disclosures

Hans Hoogervorst outlines a series of "simple" measures that will improve disclosures in financial reporting

27 Jun 2013

FRC dismisses enhanced audit competition role

Reporting watchdog questions usefulness of secondary duty of promoting competition between audit firms

24 Jun 2013

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Bank raiding powers could put HMRC at top of insolvency pecking order

Will HMRC’s new bank raiding powers see insolvency practitioners pursuing it for funds taken illegally in the event of bankruptcy?

The Practitioner: The promise of the pension pot

The combination of pensions drawdown and enterprise investment tax planning makes the Practitioner's mouth water - but can the firm get its pensioners lined up in a row?

Leader: Charity begins at home

With so many accountants require support and counselling, an already charitable profession must consider where its efforts go

linkedin-screenshot-1-web

Social networking: How does the Top 50 stack up?

Firms are failing to realise the business benefits of social media sites such as utilising LinkedIn

Colin: There's nothing like a well-thought-out plan

Colin wonders whether some SMEs are keeping it too simple

Taking Stock: When tax is stranger than fiction

Sometimes you just can't make it up, TS finds

Scrapping IR35 all very well – but what else?

IR35 has proven ineffective, but 'what are the alternatives?' asks Calum Fuller

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Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

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iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.