PracticeAuditMayflower fallout to be revealed by FRC

Mayflower fallout to be revealed by FRC

Fallout from disastrous Mayflower case to be revealed by FRC in the next quarter

The fallout from the failed attempt to discipline PwC and David Donnelly in
the Mayflower case will be revealed by the Financial Reporting Council during
the next quarter.

The FRC, which lost in its bid to avoid covering costs of the tribunal –
calculated at £1m by an independent panel – will reveal the implications of the
decision over the next three months.

The accounting watchdog said it would also begin a review of the operation of
the Combined Code, and provide further proposals on the implementation of the
8th Directive requirements relating to foreign country auditors.

‘Our effectiveness depends to a large extent on support from our stakeholders
through their input to our work and their commitment to high standards of
reporting and governance,’ said FRC chief executive Paul Boyle.

‘We look forward to their continuing support in the months ahead as we take
important decisions relating to confidence in corporate reporting and
governance.’

Further reading:

PwC on the offensive at Mayflower
tribunal

Regulator has only itself
to blame

FRC signals possible halt to further
enquiries

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