The Financial Reporting Council is currently advertising for staff to deal
with the imminent challenge, which has been presented by the requirements of the
European Union’s eighth directive.
The rules could require regulators to send teams of inspectors abroad in the
same way the US’s Sarbanes-Oxley laws place requirements on the PCAOB to inspect
FRC chief executive Paul Boyle told Accountancy Age this week that
the recruits were designed to deal with the prospective burden.‘The FRC is
preparing to deal with that pending workload,’ he said.
The eighth directive does allow countries to rely on an ‘equivalent’
regulator body in the auditor’s country.
The watchdog hopes that it will not have to carry out the foreign
PricewaterhouseCoopers partner Peter Wyman said: ‘I would expect that by the
time the directives have to be implemented, we will find there is appropriate
regulation in almost every part of the world for companies listed in London.’
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
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