FRC fines Grant Thornton £40,000 for pension fund audit
Grant Thornton

FRC fines Grant Thornton £40,000 for pension fund audit

2w Accountancy Age

FRC fines Grant Thornton £40,000 for pension fund ...

The FRC's Enforcement Committee identified significant departures from expected auditing standards, including uncorrected material errors in financial...

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FRC seeks to break down barriers to competition in UK audit market
Audit

FRC seeks to break down barriers to competition in UK audit market

2m Accountancy Age

FRC seeks to break down barriers to competition in...

The FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...

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ACCA supports FRC proposals to strengthen auditor requirements
Audit

ACCA supports FRC proposals to strengthen auditor requirements

3m Accountancy Age

ACCA supports FRC proposals to strengthen auditor ...

The proposed enhancements, including the focus on material misstatements arising from non-compliance, the introduction of a risk assessment process, a...

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FRC imposes £33.2 million fines on audit firms amid crackdown
Audit

FRC imposes £33.2 million fines on audit firms amid crackdown

3m Accountancy Age

FRC imposes £33.2 million fines on audit firms ami...

The Financial Reporting Council's record fines imposed on audit firms in 2023 demonstrate its unwavering commitment to enhancing audit quality. Read M...

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FRC urged to reconsider enforcement criteria amidst industry evolution
Accounting Standards

FRC urged to reconsider enforcement criteria amidst industry evolution

3m Accountancy Age

FRC urged to reconsider enforcement criteria amids...

Changes will help to make accounting profession more attractive, ICAEW boss says Read More...

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FRC's competition efforts fall flat as Big Four continue to dominate
Accounting Firms

FRC's competition efforts fall flat as Big Four continue to dominate

4m Accountancy Age

FRC's competition efforts fall flat as Big Four co...

The Big Four audit firms earned 98% of FTSE 350 audit fees in 2022, despite efforts to increase competition within the market Read More...

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FRC says volume of Tier 2 and 3 audit firms requiring improvement is 'unacceptable'
Accounting Standards

FRC says volume of Tier 2 and 3 audit firms requiring improvement is 'unacc...

4m Accountancy Age

FRC says volume of Tier 2 and 3 audit firms requir...

38% of firms required significant improvements, prompting the council to state Tier 2 and Tier 3 firms must "prioritise audit quality improvements and...

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FRC: Financial reporting quality 'vital' amid economic turbulence
Economy

FRC: Financial reporting quality 'vital' amid economic turbulence

6m Greg Noble

FRC: Financial reporting quality 'vital' amid econ...

Continuing econonmic uncertainty serves as a reminder to businesses that consistent, high-quality financial reporting is more important than ever, a F...

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Battle lines drawn on internal controls as FRC closes consultation on new Corporate Governance Code
Corporate Governance

Battle lines drawn on internal controls as FRC closes consultation on new C...

7m David Callaghan

Battle lines drawn on internal controls as FRC clo...

According to the Chartered IIA, internal audit should be placed at the forefront of a new Code Read More...

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July people moves: Major recruits for FRC and Evelyn Partners
Company News

July people moves: Major recruits for FRC and Evelyn Partners

9m Greg Noble

July people moves: Major recruits for FRC and Evel...

The FRC has announced Richard Moriarty as its new chief executive, replacing Sir Jon Thompson Read More...

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KPMG and PwC sanctioned by FRC for Eddie Stobart audits
Accounting Firms

KPMG and PwC sanctioned by FRC for Eddie Stobart audits

10m Greg Noble

KPMG and PwC sanctioned by FRC for Eddie Stobart a...

After cooperating with the inquiry, the firms and partners received a reduction in fines Read More...

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FRC announces major overhaul of UK Corporate Governance Code
Audit

FRC announces major overhaul of UK Corporate Governance Code

11m Sam Alberti

FRC announces major overhaul of UK Corporate Gover...

The proposals form part of an ongoing overhaul of audit and corporate governance in the UK Read More...

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FRC minimum standard for audit committees ‘a step in the right direction’
Audit

FRC minimum standard for audit committees ‘a step in the right direction’

11m Greg Noble

FRC minimum standard for audit committees ‘a step ...

But it may not be the solution to building consistently high-quality audits Read More...

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FRC to investigate Deloitte’s audit of Joules
Audit

FRC to investigate Deloitte’s audit of Joules

11m Greg Noble

FRC to investigate Deloitte’s audit of Joules

The investigation comes six months after Deloitte were hit with a £1.25m fine Read More...

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FRC initiates investigation into EY's audit of Made.com
Accounting Firms

FRC initiates investigation into EY's audit of Made.com

1y Greg Noble

FRC initiates investigation into EY's audit of Mad...

This is the second investigation the FRC has commenced into audits by EY this week Read More...

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FRC chief to stand down amid “pivotal” time for audit reform
Audit

FRC chief to stand down amid “pivotal” time for audit reform

1y Sam Alberti

FRC chief to stand down amid “pivotal” time for au...

Sir Jon Thompson will begin leading the HS2 project with immediate effect Read More...

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FRC say materiality key to producing decision useful information
ESG

FRC say materiality key to producing decision useful information

1y Greg Noble

FRC say materiality key to producing decision usef...

The FRC wants to help firms understand what ESG information stakeholders really want Read More...

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Deloitte hit with £1.25m FRC fine over SIG audit
Accounting Firms

Deloitte hit with £1.25m FRC fine over SIG audit

1y Sam Alberti

Deloitte hit with £1.25m FRC fine over SIG audit

The Big Four firm was found guilty of breaches in relation to cash and the audit of supplier rebates Read More...

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FRC introduces new measures to support smaller audit firms and ‘improve competition’
Audit

FRC introduces new measures to support smaller audit firms and ‘improve com...

1y Greg Noble

FRC introduces new measures to support smaller aud...

The audit regulator announced new supervisory measures to help smaller audit firms grab market share Read More...

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FRC to address ‘failing audit market’ with competitiveness measures
Audit

FRC to address ‘failing audit market’ with competitiveness measures

1y Sam Alberti

FRC to address ‘failing audit market’ with competi...

The Financial Reporting Council (FRC) has unveiled plans to stimulate competition and resilience in the UK audit market, with a view to remedying the ...

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FRC ‘disappointed’ by UK corporate reporting errors
Business

FRC ‘disappointed’ by UK corporate reporting errors

1y Sam Alberti

FRC ‘disappointed’ by UK corporate reporting error...

Both companies and their auditors must improve on cash flow statements, the regulator said Read More...

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FRC: ‘More holistic’ view on ESG reporting needed by UK companies
ESG

FRC: ‘More holistic’ view on ESG reporting needed by UK companies

2y Sam Alberti

FRC: ‘More holistic’ view on ESG reporting needed ...

Preparers of non-financial reports must consider materiality and how it serves the primary users of the statements, panelists at an FRC event said Rea...

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Audit Quality Review: “Long-term improvement” still required, FRC says
Accounting Firms

Audit Quality Review: “Long-term improvement” still required, FRC says

2y Rebecca Whittaker

Audit Quality Review: “Long-term improvement” stil...

The FRC regulator’s audit quality scores show a slight improvement despite “unacceptable” reviews from Mazars and BDO Read More...

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Grant Thornton handed £2m fine by FRC over “fundamental” failings in Sports Direct audit
Accounting Firms

Grant Thornton handed £2m fine by FRC over “fundamental” failings in Sports...

2y Sam Alberti

Grant Thornton handed £2m fine by FRC over “fundam...

The judgement concludes more than five years of probes into the audit firm’s accounts Read More...

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FRC confirms overhaul of UK corporate governance code
Corporate Governance

FRC confirms overhaul of UK corporate governance code

2y Sam Alberti

FRC confirms overhaul of UK corporate governance c...

The first update to the UK Corporate Governance Code in four years will see the creation of a stronger framework for reporting on internal controls an...

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Anti-slavery efforts “unacceptable” among UK companies, FRC says
Corporate Governance

Anti-slavery efforts “unacceptable” among UK companies, FRC says

2y Sam Alberti

Anti-slavery efforts “unacceptable” among UK compa...

One in ten businesses are failing to submit compulsory modern slavery statements Read More...

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FRC publishes proposal to reclaim powers to ban auditors
Audit

FRC publishes proposal to reclaim powers to ban auditors

2y Sam Alberti

FRC publishes proposal to reclaim powers to ban au...

But according to one expert, the industry response could render the move "redundant" Read More...

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FRC to ARGA transition plan sparks industry frustration as audit reform delay persists
Audit

FRC to ARGA transition plan sparks industry frustration as audit reform del...

2y Sam Alberti

FRC to ARGA transition plan sparks industry frustr...

The Financial Reporting Council’s release of its three-year plan has been welcomed by auditors and accountants, but some argue it highlights the “over...

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