FRC fines reach record high after 24% increase this year
Audit

FRC fines reach record high after 24% increase this year

6y Accountancy Age

FRC fines reach record high after 24% increase thi...

After a string of high profile audit failings, including the collapse of Carillion, the FRC has been under increasing pressure from the government and...

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New FRC Corporate Governance Code focuses on culture and diversity
Audit

New FRC Corporate Governance Code focuses on culture and diversity

6y Accountancy Age

New FRC Corporate Governance Code focuses on cultu...

The FRC's new Corporate Governance Code promotes trust, transparency and integrity in business in the face of the recent call for audit reforms Read M...

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FRC to investigate KPMG’s Conviviality audit
Audit

FRC to investigate KPMG’s Conviviality audit

6y Accountancy Age

FRC to investigate KPMG’s Conviviality audit

The FRC is investigating KPMG over its 2017 audit of Conviviality, which went into administation in April after finding an unexpected tax bill of £30m...

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FRC opens investigation into Deloitte’s audits of SIG
Audit

FRC opens investigation into Deloitte’s audits of SIG

6y Accountancy Age

FRC opens investigation into Deloitte’s audits of ...

The investigation comes months after shareholders voted to remove Deloitte as auditor in an unusual rebellion, and will focus on the audit of cash and...

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FRC's new Sanctions Guidance – the changes considered
Regulation

FRC's new Sanctions Guidance – the changes considered

6y DAC Beachcroft

FRC's new Sanctions Guidance – the changes conside...

The FRC's new Accountancy Scheme Sanctions Guidance took effect on 1 June 2018. At this challenging time for both the profession and its regulator, a ...

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FRC reports an “unacceptable deterioration” in KPMG audit quality
Audit

FRC reports an “unacceptable deterioration” in KPMG audit quality

6y Accountancy Age

FRC reports an “unacceptable deterioration” in KPM...

The report found that half of KPMG's audits needed more than limited improvements, and will now increase scrutiny on the firm's upcoming audit work Re...

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FRC introduces £10m sanctions for Big Four firms
Audit

FRC introduces £10m sanctions for Big Four firms

6y Accountancy Age

FRC introduces £10m sanctions for Big Four firms

After increased pressure to take a tougher stance against Big Four firms for audit breaches, the FRC has implemented a range of sanctions Read More...

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Winfried Bischoff, Chairman, FRC
People In Practice

Winfried Bischoff, Chairman, FRC

6y Accountancy Age

Winfried Bischoff, Chairman, FRC

After an extensive career in banking Bischoff became chairman of the FRC in 2014 Read More...

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Carillion collapse: FRC to investigate KPMG over audit work
Audit

Carillion collapse: FRC to investigate KPMG over audit work

6y Accountancy Age

Carillion collapse: FRC to investigate KPMG over a...

The FRCs investigation will determine whether KPMG breached any relevant requirements, particularly the ethical and technical standards for auditors R...

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The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations
Audit

The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

6y Carl Johnson , Stephensons

The ‘uncomfortable truth’ behind FRC’s Big Four fi...

Could large fines for the Big Four even the playing field for smaller firms? Read More...

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FRC urged to fine Big Four firms penalties over £10m
Audit

FRC urged to fine Big Four firms penalties over £10m

6y Accountancy Age

FRC urged to fine Big Four firms penalties over £1...

An independent review suggested fines of £10m or over would be appropriate in instances of “seriously poor” audit work Read More...

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FRC closes investigation into PwC over Barclays compliance
Accounting Firms

FRC closes investigation into PwC over Barclays compliance

7y Accountancy Age

FRC closes investigation into PwC over Barclays co...

The accountancy watchdog said the investigation was dropped as there was not a 'realistic prospect that a tribunal would make an adverse finding again...

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FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’
Accounting Firms

FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full ...

7y Accountancy Age

FRC closes KPMG HBOS audit investigation, Treasury...

KPMG ‘did not fall significantly short of the standards reasonably to be expected of the audit’, according to the FRC, but the Treasury Committee has ...

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FRS 102 and the new FRC taxonomies
Administration

FRS 102 and the new FRC taxonomies

7y

FRS 102 and the new FRC taxonomies

For most firms, FRS 102 will be the primary accounting standard for future HMRC returns. This short resource shows the differences between old UK GAAP ...

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PwC fined a record £5.1m by the FRC over RSM Tenon audit
Audit

PwC fined a record £5.1m by the FRC over RSM Tenon audit

7y Accountancy Age

PwC fined a record £5.1m by the FRC over RSM Tenon...

PwC and partner Nicholas Boden have been severely reprimanded and fined over admitted misconduct relating to RSM Tenon audit Read More...

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FRC launches investigation into Deloitte’s audits of Mitie
Accounting Firms

FRC launches investigation into Deloitte’s audits of Mitie

7y Accountancy Age

FRC launches investigation into Deloitte’s audits ...

The FRC has launched an investigation into Deloitte’s auditing of FTSE 250 company Mitie’s accounts for the full years 2015 – 2016 Read More...

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FRC launches investigation into PwC over BT audits
Accounting Firms

FRC launches investigation into PwC over BT audits

7y Accountancy Age

FRC launches investigation into PwC over BT audits

The investigation relates to PwC’s audits of the financial statements of BT Group between the years March 2015 and 2017 Read More...

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FRC closes investigation into PwC over Tesco accounts
Accounting Firms

FRC closes investigation into PwC over Tesco accounts

7y Accountancy Age

FRC closes investigation into PwC over Tesco accou...

The Financial Reporting Council has announced the closure of an investigation into PwC’s auditing and accounting of Tesco Read More...

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FRC fines PwC £5m over Connaught audit
Accounting Firms

FRC fines PwC £5m over Connaught audit

7y Accountancy Age

FRC fines PwC £5m over Connaught audit

The firm has been 'severely reprimanded' over their 2009 audit of Connaught, a property services group that went into administration in 2010 Read More...

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FRC launches investigation into KPMG’s Rolls-Royce audit
Accounting Firms

FRC launches investigation into KPMG’s Rolls-Royce audit

7y Accountancy Age

FRC launches investigation into KPMG’s Rolls-Royce...

The investigation relates to the financial statements of Rolls-Royce Group for the year ending 31 December 2010, and Rolls-Royce Holdings for the year...

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FRC investigates PwC over Redcentric audit
Accounting Standards

FRC investigates PwC over Redcentric audit

7y Accountancy Age

FRC investigates PwC over Redcentric audit

The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances' Read More...

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Sports Direct implements FRC corrections in annual reporting
Accounting Standards

Sports Direct implements FRC corrections in annual reporting

7y Stephanie Wix , Writer

Sports Direct implements FRC corrections in annual...

Corrective action has been taken by Sports Direct into its international stores reporting, following a review by accounting's watchdog Read More...

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CIIA appoints ex-FRC chief Paul Boyle as president
Company News

CIIA appoints ex-FRC chief Paul Boyle as president

7y Stephanie Wix , Writer

CIIA appoints ex-FRC chief Paul Boyle as president

Paul Boyle is appointed as the president of the Chartered Institute of Internal Auditors Read More...

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FRC appoints former ICAEW president to its board
People Practice

FRC appoints former ICAEW president to its board

7y Stephanie Wix , Writer

FRC appoints former ICAEW president to its board

Paul Druckman has been appointed to the board of the Financial Reporting Council (FRC) Read More...

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FRC expects Brexit narrative within annual reports
Accounting Standards

FRC expects Brexit narrative within annual reports

7y Stephanie Wix , Writer

FRC expects Brexit narrative within annual reports

The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted...

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FRC consults on approach to updating FRS 102 for changes in IFRS
Accounting Standards

FRC consults on approach to updating FRS 102 for changes in IFRS

8y Richard Crump , Writer

FRC consults on approach to updating FRS 102 for c...

The FRC is inviting comments from stakeholders on its proposed approach to updating FRS 102 to reflect changes in IFRS Read More...

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ICAS and FRC call for action on audit skills gap
Audit

ICAS and FRC call for action on audit skills gap

8y Richard Crump , Writer

ICAS and FRC call for action on audit skills gap

ICAS and the FRC have called for action to prevent a potential audit skills gap in the future, with the launch of a new report Read More...

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FRC calls for concerted effort to improve the integrity of business
Governance

FRC calls for concerted effort to improve the integrity of business

8y Richard Crump , Writer

FRC calls for concerted effort to improve the inte...

Companies face a wake-up call to review their cultures before they can win back broad support from society, business leaders will be told at a confere...

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