FRC rated "world class" by government oversight body
Soft touch approach lauded
Soft touch approach lauded
The UK’s financial reporting regulator was praised for its “world class”
approach in a report.
Better Regulation, the Department of Business’s department which monitors and
promotes regulatory reform, found the Financial Reporting Council was highly
effective.
“The flexible ‘soft law’ approach to raising standards of corporate
governance in listed companies was found to be world-class,” the report said.
The last year saw the FRC tackle some weighty financial issues including
revisions ot the UK corportate governance code, the creation of an audit
governance code and, most recently, possible restrictions on non-audit services,
provided by auditors to their clients.
Read the full report: FRC – A Hampton
Implementation Review Report
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn 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 resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe accountancy industry has been hit by several exam cheating cases over the last few years Read More...
View articleSir Donald Brydon’s report into the quality and effectiveness of audit was published at the end of 2019, and in it, Brydon tackles the issues of the a...
View articleThe FRC has issued revised ethical and auditing standards in an effort to strengthen auditor independence and ban conflicts of interest. Read More...
View article75% of FTSE 350 audits assessed as good or requiring limited improvements, failing to meet the FRC's 90% target Read More...
View articleComments and push-back from accountants led to the change in FRS102 which gives an exemption on director’s loans, according to Steve Collings. Read Mo...
View articleRichard Murphy, chartered accountant and founder and director of Tax Research UK, says the Kingman report into the FRC failed to address much-needed r...
View articleThe recent £4m fine issued to Grant Thornton is a wake-up call to aspiring independent non-executive board members, who must be demonstrably independe...
View articleBetween the years 2012-2016, membership of UK & Ireland accounting bodies grew by 3.2% worldwide and 2.4% in the UK & Ireland, according to th...
View article