FRC: Financial reporting quality 'vital' amid economic turbulence
Economy

FRC: Financial reporting quality 'vital' amid economic turbulence

9m Greg Noble

FRC: Financial reporting quality 'vital' amid econ...

Continuing econonmic uncertainty serves as a reminder to businesses that consistent, high-quality financial reporting is more important than ever, a F...

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Battle lines drawn on internal controls as FRC closes consultation on new Corporate Governance Code
Corporate Governance

Battle lines drawn on internal controls as FRC closes consultation on new C...

9m David Callaghan

Battle lines drawn on internal controls as FRC clo...

According to the Chartered IIA, internal audit should be placed at the forefront of a new Code Read More...

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Audit sector can tackle Big Four dominance through collaboration, experts say
Audit

Audit sector can tackle Big Four dominance through collaboration, experts s...

9m Dan Cave

Audit sector can tackle Big Four dominance through...

Fines, regulatory oversight and greater investigations are sparking worries that sector control by giants will continue Read More...

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KPMG and PwC sanctioned by FRC for Eddie Stobart audits
Accounting Firms

KPMG and PwC sanctioned by FRC for Eddie Stobart audits

12m Greg Noble

KPMG and PwC sanctioned by FRC for Eddie Stobart a...

After cooperating with the inquiry, the firms and partners received a reduction in fines Read More...

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FRC announces major overhaul of UK Corporate Governance Code
Audit

FRC announces major overhaul of UK Corporate Governance Code

1y Sam Alberti

FRC announces major overhaul of UK Corporate Gover...

The proposals form part of an ongoing overhaul of audit and corporate governance in the UK Read More...

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FRC minimum standard for audit committees ‘a step in the right direction’
Audit

FRC minimum standard for audit committees ‘a step in the right direction’

1y Greg Noble

FRC minimum standard for audit committees ‘a step ...

But it may not be the solution to building consistently high-quality audits Read More...

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KPMG sanctioned for ‘rudimentary’ failings over The Works audit
Audit

KPMG sanctioned for ‘rudimentary’ failings over The Works audit

1y Greg Noble

KPMG sanctioned for ‘rudimentary’ failings over Th...

The FRC has said the admitted failings were "rudimentary and should not have occurred" Read More...

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FRC initiates investigation into EY's audit of Made.com
Accounting Firms

FRC initiates investigation into EY's audit of Made.com

1y Greg Noble

FRC initiates investigation into EY's audit of Mad...

This is the second investigation the FRC has commenced into audits by EY this week Read More...

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FRC chief to stand down amid “pivotal” time for audit reform
Audit

FRC chief to stand down amid “pivotal” time for audit reform

1y Sam Alberti

FRC chief to stand down amid “pivotal” time for au...

Sir Jon Thompson will begin leading the HS2 project with immediate effect Read More...

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FRC say materiality key to producing decision useful information
ESG

FRC say materiality key to producing decision useful information

1y Greg Noble

FRC say materiality key to producing decision usef...

The FRC wants to help firms understand what ESG information stakeholders really want Read More...

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Exam cheating can become a ‘big issue’ if not appropriately addressed
Accounting Firms

Exam cheating can become a ‘big issue’ if not appropriately addressed

1y Greg Noble

Exam cheating can become a ‘big issue’ if not appr...

The accountancy industry has been hit by several exam cheating cases over the last few years Read More...

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Deloitte hit with £1.25m FRC fine over SIG audit
Accounting Firms

Deloitte hit with £1.25m FRC fine over SIG audit

2y Sam Alberti

Deloitte hit with £1.25m FRC fine over SIG audit

The Big Four firm was found guilty of breaches in relation to cash and the audit of supplier rebates Read More...

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FRC introduces new measures to support smaller audit firms and ‘improve competition’
Audit

FRC introduces new measures to support smaller audit firms and ‘improve com...

2y Greg Noble

FRC introduces new measures to support smaller aud...

The audit regulator announced new supervisory measures to help smaller audit firms grab market share Read More...

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FRC to address ‘failing audit market’ with competitiveness measures
Audit

FRC to address ‘failing audit market’ with competitiveness measures

2y Sam Alberti

FRC to address ‘failing audit market’ with competi...

The Financial Reporting Council (FRC) has unveiled plans to stimulate competition and resilience in the UK audit market, with a view to remedying the ...

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FRC ‘disappointed’ by UK corporate reporting errors
Business

FRC ‘disappointed’ by UK corporate reporting errors

2y Sam Alberti

FRC ‘disappointed’ by UK corporate reporting error...

Both companies and their auditors must improve on cash flow statements, the regulator said Read More...

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

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

2y 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?

2y 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

2y 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

2y 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

2y 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...

2y 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

2y 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

2y 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

2y 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

2y 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

2y 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 del...

2y 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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