The FRC has confirmed its plan to scale back audit changes by taking forward under half of the original 18 proposals it set out in the consultation with its stakeholders. It intends to publish an updated code in January 2024 … Read More
The Financial Reporting Council (FRC) has launched a consultation to strengthen auditor requirements to detect and report material misstatements from non-compliance with laws and regulations and to clarify instances auditors should report such breaches, and other significant matters, to the relevant regulators. This … Read More
The MOURA will provide a process for auditors who have obtained professional audit qualifications in either the UK or New Zealand to apply for recognition of their qualification and audit rights in the other nation. The UK and New Zealand … Read More
The low number of audits of listed companies undertaken by mid-tier firms has led to concerns over the lack of competition within the audit sector. Mid-tier audit firms feel discouraged from taking on audits of listed companies from fear that they may be hit … Read More
Sky said that the announcement from Whitehall is expected nearly two years after the consultation and that the Department for Business and Trade’s Insolvency Service will introduce measures that will allow both businesses and people to be sanctioned for misbehaviour. … Read More
The FRC has overseen a major uptick in audit enforcement activity recently, with the regulator issuing fines of £33.3m in 2022, a 77% increase from the previous year. The string of high-profile audit failures in recent years have been … Read More
There has been a 2.1% increase in accountancy members to over 400,000 in the past year, according to the Financial Reporting Council’s (FRC) 21st edition of its Key Facts and Trends (KFAT) report. The increase comes despite the number of … Read More
The proposed new rules come amid frustration in Washington that audit firms are not living up to their duty to protect investors from wrongdoing by their clients. Big Four accounting firms are fighting to block new rules in the US that would … Read More
The FRC has revealed that a record number of cases were resolved in the year 2022/23 that resulted in financial sanctions of £40.5m being imposed, according to the council’s Annual Enforcement Review that was published today (27 July). Quality improvements … Read More
These new requirements will boost the resilience of the UK economy, ensuring it continues to attract talent and investment. The Financial Reporting Council (FRC) has welcomed the Government’s publication of the draft statutory instrument on corporate reporting, which strengthens reporting requirements. The new … Read More