Shareholder representatives met with the FRC recently to discuss views on the
debate over competition in the audit market, but concerns were raised over the
number of members on boards at the regulator with Big Four links. The
independence of the standard setting process was also questioned.
‘There is a feeling that the FRC hasn’t fully got into the mindset of being a
regulator,’ said one investor, who suggested there was still the impression that
‘everyone is in bed with each other’ in the UK’s oversight system.
Another said that there had to be fundamental reform of standard setting
processes on both an international and national level, to ensure it was not
influenced by the Big Four.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements