The Financial Reporting Council (FRC) has published a new Audit Firm Governance Code for the Big Four audit firms and firms that audit FTSE-350 companies and significant numbers of public interest entities (PIEs). The new Code is a result of the findings of a monitoring programme undertaken by the F
The Financial Reporting Council (FRC) has launched a consultation to take responsibility for the registration of auditors of public interest entities (PIEs) from the recognised supervisory bodies (RSBs). The proposal will bolster the FRC’s supervisory toolkit and enable it to become increasing
The Financial Reporting Council (FRC) has published the Exposure Draft of Proposed ISA (UK) 600 Special Considerations -Audits of Group Financial Statements (Including the Work of Component Auditors). The revisions build upon the recently revised international version of the standard, with an enhanc
The Financial Reporting Council (FRC) has commenced an investigation in relation to the audit conducted by Deloitte LLP of the financial statements of Go-Ahead Group plc. The investigation concerns the years ended 3 July 2021, 27 June 2020, 29 June 2019, 30 June 2018, 1 July 2017, and 2 July 2016.
The Financial Reporting Council's (FRC) UKEB has extended the deadline to recruit members for its Investor Advisory Group (IAG) to Tuesday, 26 April 2022. The UKEB is establishing six advisory groups that will provide specialist knowledge and information as input into its technical decision-making.
The Financial Conduct Authority (FCA) has launched a new strategy to improve outcomes for consumers and in markets throughout the UK. As the FCA’s remit is broad and growing, the three-year strategy prioritises resources to prevent serious harm, set higher standards and promote competition. Th
The Financial Conduct Authority (FCA) has urged Facebook to take action on scam investment adverts following a rise in fraud attacks on social media platforms. Nikhil Rathi, chief executive of the FCA, listed Facebook’s owner Meta and Twitter as companies that must accelerate their crackdown o
Filippo Dioguardi, the director of Glasgow-based Camardo Coffee (Scotland), has been disqualified as a director for nine years after a £50,000 Bounce Back Loan could not be accounted for. Mr Dioguardi was sole director of the company which was incorporated in 2015 and registered initially at a
Tax avoidance schemes have been named for the first time by HMRC as users are warned they could face large tax bills. HMRC has today advised anyone involved in Absolute Outsourcing’s or Purple Pay Limited’s Equity Participation Scheme to withdraw from them as soon as possible to prevent
The Financial Reporting Council (FRC) has published its 3-Year Plan which sets out the FRC’s progress toward establishing the new Audit, Reporting and Governance Authority (ARGA). The FRC’s 3-Year Plan follows the government’s 2021 consultation ‘Restoring Trust in Audit and C
The Financial Conduct Authority (FCA) has published proposals for a compensation scheme for former members of the British Steel Pension Scheme (BSPS) who received unsuitable advice to transfer out of the fund. The FCA has found that almost half (46%) of the advice it reviewed relating to BSPS was un
The Competition and Markets Authority (CMA) has today published its recommendations for the future oversight and governance of Open Banking. The CMA’s recommendations will be taken into consideration in the design of a future entity to succeed the Open Banking Implementation Entity (OBIE). The