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
The world’s major accounting firms are stepping up investments in new Indian facilities away from bigger cities as global demand for cheaper back office operations grows and smaller towns move up the economic value chain. For decades, large multinational corporations … Read More
The accountancy profession is struggling to hire experienced auditors and new talent, as salary pressures and excessive workloads are felt across the board. With the demand for auditing services continuing to rise, many firms across the UK are facing a … Read More
The International Sustainability Standards Board (ISSB) has issued its inaugural standards, FRS S1 and IFRS S2. IFRS S1 is based around General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 is based on Climate-related Disclosures. IFRS S1 provides a set of … Read More
The FRC said that by setting out clear expectations and guidelines, it aims to support the delivery of high-quality audits and reinforce public trust in the financial reporting process The Financial Reporting Council (FRC) has unveiled a new minimum standard for audit, which … Read More
The IFRS’ newly-announced transitional reliefs may reduce the burden on companies preparing for the rollout of enhanced sustainability disclosures in January 2024, according Richard Singleton, finance and sustainability director at Menzies. The ISSB revealed that it will offer transitional aid … Read More
Audit Partners, which together earn the vast majority of FTSE 350 audit fees, said they were concerned they could be accused of breaking competition law if they helped. Smaller Accountancy Firms have called on Deloitte, EY, KPMG and PwC to share … Read More
The FRC said it has ‘already taken numerous steps’ towards achieving the goals of the reform program. The Financial Reporting Council (FRC) has published its latest three-year plan, outlining its priorities and objectives for the period 2023-2026. The FRC revealed it anticipates … Read More