Regulatory

The Financial Reporting Council (FRC) has launched a consultation on the proposed revision of the standards for an audit firm’s responsibilities to design, implement and operate a system of quality management. The FRC proposes to adopt International Standard on Quality Management (UK) 1 Qualit

The Financial Reporting Council (FRC) has announced Amendments to UK and Republic of Ireland accounting standards – UK exit from the European Union. The amendments update UK and Republic of Ireland accounting standards for changes in legislation following the UK’s exit from the European

The Financial Conduct Authority (FCA) has established a Temporary Registration Regime to allow existing cryptoasset firms, who have applied to be registered with the FCA, to continue trading. The FCA is advising customers of cryptoasset firms which should have applied to the FCA, but have not done s

The Financial Conduct Authority (FCA) has fined Barclays Bank £26 million for failures in relation to their treatment of consumer credit customers who fell into arrears or experienced financial difficulties. Between April 2014 and December 2018 some retail and small business customers who had

The Financial Conduct Authority (FCA) has confirmed proposals to permanently ban the mass-marketing of speculative illiquid securities - including speculative mini-bonds - to retail investors. A temporary ban was introduced without consultation in January following serious concerns that speculative

The Financial Reporting Council (FRC) has today announced its corporate reporting and audit quality review programme for 2021/22 alongside its priority sectors for review. The FRC’s Corporate Reporting Review team will supplement its routine reviews of corporate reporting with five thematic re

The Financial Reporting Council's (FRC) audit quality reviews have found that audit firms did not challenge the management of audited entities effectively on the significant judgements they had made. As a result, the regulator has reiterated the importance of a challenge culture in audit firms.

New research commissioned by the Financial Reporting Council (FRC) has shown that the development of standards for audit committees would support a more consistent approach to promoting audit quality. The research, conducted by YouGov, involved interviews with Audit Committee Chairs (ACCs) on how th

The Financial Conduct Authority (FCA) has reminded firms to be ready for the end of the Brexit transition period in one month’s time. When the transition period ends at 11pm on 31 December, firms will need to be prepared for a number of changes to the regulatory environment in which they opera

The Financial Reporting Council (FRC) has launched a consultation on the proposed revision of its review standard for interim financial statements, International Standard for Review Engagement (UK) 2410 (ISRE (UK) 2410) Review of Interim Financial Information Performed by the Independent Auditor of

Audit firms have implemented additional measures to enhance their evaluation of companies’ going concern assessments since the start of the coronavirus pandemic, according to a review of completed audits by the Financial Reporting Council (FRC). The FRC reviewed a sample of eleven audits

The Treasury, the Bank of England and the Financial Conduct Authority (FCA) will be convening an industry working group to facilitate investment in productive finance. Investment in productive finance refers to investment that expands productive capacity, furthers sustainable growth and can make an

The Financial Reporting Council (FRC) has voiced renewed concerns about the financial market’s vulnerability to the failure of one of the Big Four audit firms that dominate the sector. The regulator said it had requested detailed information from Deloitte, KPMG, EY and PWC on their responses t

The Financial Reporting Council (FRC) has today published its annual end of year letter to CEOs, CFOs and audit committee chairs setting out its reporting expectations for preparers of reports and accounts for the year ahead. This year’s letter is of particular significance given the continuin

The Financial Reporting Council (FRC) has said that auditors must redouble their efforts to remedy inconsistent audit quality in the wake of the unprecedented economic turbulence caused by COVID-19.  In its Developments in Audit 2020 report released today, the regulator reports audit quality re