Frc

Critics have argued that yesterday's Financial Reporting Council (FRC) order for the UK's Big Four accountancy firms to separate their audit practices has not gone far enough to remove conflicts of interests within big audit companies. Yesterday, Scottish Financial News reported that the FRC had out

The Financial Reporting Council (FRC) has ordered the UK's Big Four accountancy firms to separate their audit practices by June 2024. The FRC has outlined a set of principles for the operational separation of audit functions within PwC, Deloitte, KPMG and EY. The watchdog has ruled that the four&nbs

Since the start of the coronavirus crisis, audit firms across the UK have introduced a range of additional measures to improve their evaluation of companies’ going concern assessments.

The Financial Reporting Council (FRC) has announced that Simon Fraser has been appointed as the chair of the Pre-Emption Group (PEG). Mr Fraser has been a longstanding member of the PEG and has a long and distinguished career in investment management and corporate roles, including his current role a

The Financial Reporting Council (FRC) ) has issued imposed non-financial sanctions on KPMG in relation to the statutory audits of the financial statements of Foresight 4 VCT plc. The sanctions have been imposed for the KPMG's audits of the company for the 2012/2013, 2013/2014 and 2014/2015 financial

The Financial Reporting Council (FRC) has today completed its annual review of FRS 101 Reduced Disclosure Framework and made minor amendments, for consistency, to the disclosure exemptions relating to the statement of cash flows. The FRC has also issued FRED 74 Draft amendments to FRS 102 – In

The Financial Reporting Council (FRC) has launched an investigation into KPMG and PwC over the audits of Eddie Stobart Logistics plc.

The Financial Reporting Council (FRC) has announced that Simon Dingemans will step down as chair of the council at the end of May. The FRC has said that as the role was a part-time position, it was agreed as part of his appointment process that Simon Dingemans could take on additional roles provided

The Financial Reporting Council (FRC) is encouraging firms to make use of the extension announced by the Financial Conduct Authority (FCA) to the deadline for publication of audited annual financial reports from four to six months from the end of the financial year. The body said that companies

Tools for flagging signs of poor quality audits should be used more effectively so timely corrective action can be taken, according to a major review of their use by the Financial Reporting Council (FRC). The FRC’s study looked at the most useful indicators of both poor and good audit quality

Accountancy firm Grant Thornton has reported a 90% drop in its audit profits after facing a difficult year where it was put under an investigation by the Financial Reporting Council (FRC). Grant Thornton made a £1 million profit from audits in the 18 months to January 2020, a decrease from &po

The Financial Reporting Council (FRC) has imposed sanctions against KPMG, ordering the audit firm to pay £700,000 for audit quality breaches. The watchdog has imposed the sanctions against KPMG and Nicola Quayle, the former senior partner for KPMG's Manchester office, in relation to the statut

In response to the current COVID-19 situation, the Financial Conduct Authority (FRC), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) are today announcing a series of actions to ensure information continues to flow to investors and support the continued functioning of the

The Financial Reporting Council (FRC) has today issued revised Standards for Investment Reporting (SIRs) 1000-5000, and a new SIR 6000 dealing with reports on Quantified Financial Benefits Statements (QFBSs) published in accordance with the City Code. The FRC has urged that Reporting Accountants (RA

The Financial Reporting Council (FRC) has today launched a consultation on the proposed adoption in the UK of International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other Than Audits or Reviews of Historical Financial Information. The FRC is proposing that compliance with