Earlier this year, the Financial Reporting Council, which oversees the
activities of the
AADB, said it would
take legal advice relating to how its disciplinary arm would continue to
function, in the event of large cost awards made against it.
The FRC took legal advice following the then Accountancy Investigation and
Discipline Board’s major defeat at its first tribunal – a case involving bus
manufacturer Mayflower and its auditors PricewaterhouseCoopers – which saw a
£987,000 cost award made against it by an independent tribunal.
The tribunal dismissed complaints against Mayflower’s finance director David
Donnelly and PwC and ordered the FRC to pay £400,000 towards PwC’s costs and
£587,500 towards Donnelly’s costs.
At the time, FRC chief executive Paul Boyle said the regulator was less
likely to bring complaints if the rules remained as they are.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.