Financial Reporting Council

The Financial Reporting Council (FRC) has published its Annual Enforcement Review 2026, highlighting recurring issues in financial reporting and audit quality while setting out changes designed to deliver faster and more proportionate enforcement outcomes. The review draws on the regulator's enforce

The Financial Reporting Council (FRC) has published its 2026 Annual Review of Audit Quality, concluding that while audit quality continues to improve across the UK market, significant differences remain between firms. The report highlights the importance of firms' Systems of Quality Management (SoQM

PwC has been fined more than £3.2 million after the Financial Reporting Council (FRC) found serious failings in its audits of defence contractor Babcock International Group.

Former Virgin Money chief executive Dame Jayne-Anne Gadhia has been named as the government's preferred candidate to chair the Financial Reporting Council (FRC), placing one of the UK's best-known banking figures at the helm of the accounting watchdog. The chartered accountant, who led Virgin Money

The Financial Reporting Council (FRC) has published reforms to its Audit Enforcement Procedure (AEP), modernising its regulatory toolkit. The announcement forms part of the FRC’s broader move to a more integrated, end-to-end regulatory approach, aligning supervisory, investigatory and enforcem

Ahead of new legislation expected to come into force in April 2027, the Financial Reporting Council (FRC) will develop technical actuarial guidance to help scheme actuaries certify that surplus payments to employers meet the legislative requirements. The UK Government is consulting on legislation un

The Financial Reporting Council (FRC) has imposed financial sanctions against audit firm BDO and Geraint Jones, an audit engagement partner in relation to the audit of the financial statements of NMCN. BDO has been fined £2 million for its audit of the firm in 2019, while Mr Jones recieved a f

The Financial Reporting Council (FRC) has published the final revisions to two cornerstone UK auditing standards governing how auditors approach fraud risk and the assessment of an entity's ability to continue as a going concern. The updated standards, ISA (UK) 240 and ISA (UK) 570, were issued on 3

The chief executive of the Financial Reporting Council (FRC), the UK's accountancy regulator, has promised to speed up investigations into audit failures.  Richard Moriarty told the Sunday Times that the FRC needed to take disciplinary action against auditors more swiftly. He emphasised the imp

The Financial Reporting Council (FRC) has released updated guidance on the Going Concern Basis of Accounting and Related Reporting, including Solvency and Liquidity Risks.

The Financial Reporting Council (FRC) has told audit firms in the UK to report any plans to sell stakes in their businesses to private equity.  Richard Moriarty, chief executive of the FRC, wrote this week to the bosses of the UK’s top accounting firms stating that the FRC was not against

The Financial Reporting Council (FRC) has fined Big Four accountancy firm EY £320,000 for breaching the cap on fees it can earn from providing consultancy services to an audit client.

The Financial Reporting Council (FRC) has published the 21st edition of its Key Facts and Trends (KFAT) report, providing the latest statistical information and trends on the UK accountancy and audit profession. This year's report highlights continued growth in accountancy membership, with nearly 40

The Financial Reporting Council (FRC) has announced the Audit Committees and the External Audit: Minimum Standard, which comes after careful consideration of the consultation responses received from stakeholders.The consultation on the draft proposal for the Minimum Standard was launched by the FRC

The Financial Reporting Council (FRC) has commenced an investigation in relation to the audit conducted by Deloitte of the consolidated financial statements of Joules Group plc. The investigation concerns the audit conducted byt he Big Four firm for the year ended 30 May 2021.