Financial Reporting Council



KPMG accused of 'advancing an untruthful defence' in Silentnight case

David Costley-Wood, the former head of KPMG Manchester restructuring, "advanced an untruthful defence" at a disciplinary hearing into KPMG's misconduct in the sale of Silentnight, according to the Financial Reporting Council's (FRC) Independent Disciplinary Tribunal.

Published 14 October 2021

Companies must be more transparent in accounts, says watchdog

The Financial Reporting Council (FRC) has said that listed companies must be more transparent about their use of alternative performance measures such as "underlying profits" and "core operations."

Published 8 October 2021

FRC fines Grant Thornton £2.3m for Patisserie Valerie audits

The Financial Reporting Council (FRC) has fined accountancy firm Grant Thornton more than £2.3 million for failings and a 'serious lack of competence' in its audits of restaurant chain Patisserie Valerie.

Published 27 September 2021

FRC publishes review findings on companies viability and going concern disclosures

The Financial Reporting Council (FRC) has published the findings of its review of companies’ viability and going concern disclosures which found there were several areas where viability and going concern reporting could be improved.

Published 23 September 2021

FRC publishes review findings on Streamlined Energy and Carbon Reporting

The Financial Reporting Council (FRC) has published the findings of its review of reporting on emissions, energy consumption and related matters under the new Streamlined Energy and Carbon Reporting (SECR) rules which came into effect from 1 April 2019.

Published 10 September 2021

Strathclyde Pension Fund joins FRC's UK Stewardship List

The Strathclyde Pension Fund has been approved as a signatory to the Financial Reporting Council’s UK Stewardship Code.

Published 9 September 2021

Regulator announces formal complaint against KPMG for Carillion and Regenersis audit

The Financial Reporting Council’s (FRC) Executive Counsel has delivered a disciplinary Formal Complaint, under the Accountancy Scheme, against KPMG, a former KPMG partner and certain current and former KPMG employees.

Published 1 September 2021

FRC announces proposals to strengthen UK’s Audit Firm Governance Code

The Financial Reporting Council (FRC) has today announced a consultation on proposals to update and strengthen significantly the Audit Firm Governance Code in support of the FRC’s objectives to promote high-quality audit and audit market resilience.

Published 26 August 2021

FRC fines EY £3.5m for Stagecoach Group audit

The Financial Reporting Council (FRC) has announced sanctions against Big Four accountancy firm EY and audit engagement partner Mark Harvey in relation to the statutory audit of the consolidated financial statements of bus company Stagecoach Group plc.

Published 25 August 2021

FRC fines KPMG £13 million in Silentnight case

The Financial Reporting Council (FRC) has fined KPMG £13 million for its audits of Silentnight from August 2010 to April 2011.

Published 5 August 2021

FRC announces 44% growth in enforcement division

The Financial Reporting Council (FRC) has today published its third Annual Enforcement Review revealing that its Enforcement Division has grown by 44% in the last year. 

Published 30 July 2021

One third of audits inspected by FRC 'require improvement'

One third of audits inspected by the Financial Reporting Council (FRC) still require improvement, according to the latest Annual Audit Quality Inspection Results.

Published 26 July 2021

FRC still on track to become a 'new, more resilient regulator'

The Financial Reporting Council (FRC) is on track to become a new, more resilient regulator according to an analysis of its recently released Annual Report and Accounts.

Published 26 July 2021

FRC seeks views on amendments made to Audit Enforcement Procedure

The Financial Reporting Council (FRC) is seeking views on amendments made to the Audit Enforcement Procedure (AEP).

Published 23 July 2021

FRC: Challenger firms increase their share of the FTSE 250 audit market but Big Four still dominant

New data released by the Financial Reporting Council (FRC) has revealed that challenger audit firms have increased their share of FTSE 250 audits, from 4.8% to 7.6%.

Published 16 July 2021