Mayflower fallout to be revealed by FRC
Fallout from disastrous Mayflower case to be revealed by FRC in the next quarter
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
The numbers you crunch tell a story. Your expertis...
17yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe Bank of England has appointed Ernst and Young LLP (EY) as its external auditor from the financial year ending 28 February 2025. Read More...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View article