Regulatory

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

Corporate reporting needs to improve to meet the expectations of investors and other users on the urgent issue of climate change, according to a new review released by the Financial Reporting Council. The regulator has said that while for some companies the challenge may be further on the horizon, c

The Financial Reporting Council (FRC) has imposed sanctions including a £500,000 fine against Deloitte and one of its former Audit Engagement Partners over its audit of an undisclosed company's defined benefit pension scheme. The sanctions concern the statutory audit of the company's

The Financial Conduct Authority (FCA) has confirmed its approach to the share trading obligation (STO) at the end of the Brexit transition period, if mutual equivalence is not agreed. Only mutual equivalence would mean that firms could continue to satisfy STO obligations at trading venues in both th

Payday loan firms and doorstep lenders are cashing in on the coronavirus pandemic as they issue families struggling financially with loans at interest rates of up to 1,700%.

The Financial Conduct Authority (FCA) has extended its offering of payment deferrals for mortgage and consumer credit customers for the next six months.

The Financial Reporting Council (FRC) has criticised Grant Thornton after its Audit Quality Inspection revealed five out of six of the firm's local audits fell below the expected standard. Grant Thornton was singled out by the accountancy regulator after it investigated 15 major audits of health aut

The Financial Conduct Authority (FCA) has publicly censured Perth-based insurer Aviva for making an announcement concerning certain preference shares which had the potential to mislead the market. The FCA has ruled that Aviva's announcement on March 8, 2018, concerning its preliminary year-end

The Financial Conduct Authority (FCA) is urging consumers struggling to make repayments due to the impact of coronavirus to speak to their lenders about options available to them. The FCA has put in place a package of support for people in difficulty to ensure help is available after October 31.

The Financial Reporting Council (FRC) has today launched a consultation on the proposed revision of its UK auditing standard ISA (UK) 240  - The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements.ISAs are based on the underlying ISAs issued by the Internationa

Audit fees at the Big Four accountancy firms Deloitte, PwC, EY and KPMG increased by 6.9% last year as they increased their charges to account for tougher regulations introduced by the regulator.  The Financial Reporting Council’s (FRC) 2020 Key Facts and Trends in the Accountan

Keith Skeoch has been appointed interim chair of the Financial Reporting Council (FRC). Mr Skeoch will serve as interim chair from October 12 for a period of up to six months.

The Financial Reporting Council (FRC) has issued three sets of amendments to UK and Ireland accounting and reporting standards. The amendments address some topical issues, and maintain a necessary alignment with international standards.