FRC: ‘More holistic’ view on ESG reporting needed by UK companies

ESG FRC: ‘More holistic’ view on ESG reporting needed by UK companies

3w Sam Alberti

FRC: ‘More holistic’ view on ESG reporting needed ...

Preparers of non-financial reports must consider materiality and how it serves the primary users of the statements, panelists at an FRC event said Rea...

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Audit under fire: Is the worst yet to come?

Audit Audit under fire: Is the worst yet to come?

2m Phil Crooks

Audit under fire: Is the worst yet to come?

Auditors have been feeling the heat recently after a series of high-profile failures, but what lies ahead and are they solely to blame? Read More...

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PwC hit with multi-million pound sanctions over BT audits

Big Four PwC hit with multi-million pound sanctions over BT audits

2m Rebecca Whittaker

PwC hit with multi-million pound sanctions over BT...

The accounting regulator also handed partner Richard Hughes a £42,000 fine Read More...

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Audit Quality Review: “Long-term improvement” still required, FRC says

Accounting Firms Audit Quality Review: “Long-term improvement” still required, FRC says

2m Rebecca Whittaker

Audit Quality Review: “Long-term improvement” stil...

The FRC regulator’s audit quality scores show a slight improvement despite “unacceptable” reviews from Mazars and BDO Read More...

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Audit firms asked to address exam cheating following Big Four scandals

Accounting Firms Audit firms asked to address exam cheating following Big Four scandals

2m Rebecca Whittaker

Audit firms asked to address exam cheating followi...

The FRC intervention to prevent cheating in the UK follows huge fines issued to firms in the US, Australia, and Canada Read More...

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Grant Thornton handed £2m fine by FRC over “fundamental” failings in Sports Direct audit

Accounting Firms Grant Thornton handed £2m fine by FRC over “fundamental” failings in Sports Direct audit

2m Sam Alberti

Grant Thornton handed £2m fine by FRC over “fundam...

The judgement concludes more than five years of probes into the audit firm’s accounts Read More...

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FRC confirms overhaul of UK corporate governance code

Corporate Governance FRC confirms overhaul of UK corporate governance code

3m Sam Alberti

FRC confirms overhaul of UK corporate governance c...

The first update to the UK Corporate Governance Code in four years will see the creation of a stronger framework for reporting on internal controls an...

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Blunted audit reforms risk “pick ’n’ mix approach” to reporting

Audit Blunted audit reforms risk “pick ’n’ mix approach” to reporting

4m Sam Alberti

Blunted audit reforms risk “pick ’n’ mix approach”...

The FRC and major audit firms have criticised the UK government’s watered-down proposals Read More...

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KPMG hit with £4.5m fine over Rolls-Royce bribery scandal

Audit KPMG hit with £4.5m fine over Rolls-Royce bribery scandal

4m Sam Alberti

KPMG hit with £4.5m fine over Rolls-Royce bribery ...

The big four auditor is being penalised for “conspiracy to corrupt and a failure to prevent bribery” Read More...

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Anti-slavery efforts “unacceptable” among UK companies, FRC says

Corporate Governance Anti-slavery efforts “unacceptable” among UK companies, FRC says

5m Sam Alberti

Anti-slavery efforts “unacceptable” among UK compa...

One in ten businesses are failing to submit compulsory modern slavery statements Read More...

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FRC publishes proposal to reclaim powers to ban auditors

Audit FRC publishes proposal to reclaim powers to ban auditors

6m Sam Alberti

FRC publishes proposal to reclaim powers to ban au...

But according to one expert, the industry response could render the move "redundant" Read More...

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FRC to ARGA transition plan sparks industry frustration as audit reform delay persists

Audit FRC to ARGA transition plan sparks industry frustration as audit reform delay persists

6m Sam Alberti

FRC to ARGA transition plan sparks industry frustr...

The Financial Reporting Council’s release of its three-year plan has been welcomed by auditors and accountants, but some argue it highlights the “over...

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Regulator hits KPMG with £3m fine for “serious” audit misconduct

Accounting Firms Regulator hits KPMG with £3m fine for “serious” audit misconduct

8m Sam Alberti

Regulator hits KPMG with £3m fine for “serious” au...

The sanctions relate to the firm’s audit of Conviviality PLC between 2017 and 2018 Read More...

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Managed shared audit “insufficient”, ICAEW argues

Audit Managed shared audit “insufficient”, ICAEW argues

10m Sam Alberti

Managed shared audit “insufficient”, ICAEW argues

Stakeholders have expressed little support for the plans Read More...

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FRC CEO: cost makes UK SOX “key political decision”

Audit FRC CEO: cost makes UK SOX “key political decision”

12m Sam Alberti

FRC CEO: cost makes UK SOX “key political decision...

Ministers are currently assessing a series of proposals to strengthen UK audit Read More...

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Audit reform urgently needed to remedy “glacial” progress

Audit Audit reform urgently needed to remedy “glacial” progress

1y Sam Alberti

Audit reform urgently needed to remedy “glacial” p...

FRC audit quality scores reflect "unacceptable" performances from some firms and reinforce need for government reforms Read More...

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FRC looks to extend rent concessions for retailers

Business FRC looks to extend rent concessions for retailers

1y Valerie Hart

FRC looks to extend rent concessions for retailers

With many retailers still reeling from the impact of the lockdowns, the Financial Reporting Council (FRC) has proposed extending the application perio...

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FRC launches investigation into Lookers audit

Big Four FRC launches investigation into Lookers audit

2y Aoife Morgan

FRC launches investigation into Lookers audit

Regulatory body has launched an investigation into Deloitte’s auditing practices for the years ending 2017 and 2018 Read More...

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Autonomy auditors criticised in FRC investigation

Audit Autonomy auditors criticised in FRC investigation

2y Aoife Morgan

Autonomy auditors criticised in FRC investigation

Former Deloitte partners failed to act with “professional scepticism” Read More...

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FRC fines KPMG £700,000 for poor audit

Audit FRC fines KPMG £700,000 for poor audit

2y Tom Lemmon

FRC fines KPMG £700,000 for poor audit

The FRC has fined KPMG UK £700,000 and reprimanded KPMG UK’s former senior partner for Manchester, Nicola Quayle for a “failure to apply sufficient pr...

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Exclusive: Interview with Sir Donald Brydon – "Last chance saloon" for audit

Accounting Firms Exclusive: Interview with Sir Donald Brydon – "Last chance saloon" for audit

3y Chris Jewers

Exclusive: Interview with Sir Donald Brydon – "Las...

Speaking exclusively to Accountancy Age in the first of a two-part series, Sir Donald Brydon - author of the report into the effectiveness and quality...

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Audit industry stalemate shows signs of shifting

Audit Audit industry stalemate shows signs of shifting

3y Chris Jewers

Audit industry stalemate shows signs of shifting

Signs that the UK’s audit industry would reform had slowed in the New Year, but with Brexit almost over the line and an impending cabinet reshuffle, w...

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Brydon and the audit gap: Expectations, definitions and fraud

Accounting Standards Brydon and the audit gap: Expectations, definitions and fraud

3y Chris Jewers

Brydon and the audit gap: Expectations, definition...

Sir 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...

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Audit quality: Why do FRC fines keep increasing?

Regulatory Bodies Audit quality: Why do FRC fines keep increasing?

3y Leanna Reeves

Audit quality: Why do FRC fines keep increasing?

As the value of fines on audit firms issued by the FRC increases, experts reflect on why the regulator’s approach has changed and how this has impacte...

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FRC extends Thomas Cook investigation to more statements audited by EY

Accounting Firms FRC extends Thomas Cook investigation to more statements audited by EY

3y Chris Jewers

FRC extends Thomas Cook investigation to more stat...

The UK’s audit and accountancy watchdog has announced it will expand its investigation into EY’s auditing of Thomas Cook’s financial statements to inc...

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FRC revises standards in bid to strengthen audit confidence

Accounting Standards FRC revises standards in bid to strengthen audit confidence

3y Chris Jewers

FRC revises standards in bid to strengthen audit c...

The FRC has issued revised ethical and auditing standards in an effort to strengthen auditor independence and ban conflicts of interest. Read More...

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Nominate your story of the decade

Practice Nominate your story of the decade

3y Shannon Moyer

Nominate your story of the decade

Accountancy Age’s Decade Survey is now open for anyone within accounting and adjacent industries. Read More...

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