Frc

Over half of FTSE 250 companies (52%) fail to mention ethnicity in their board diversity policy, and most of the FTSE 350 do not set measurable ethnicity targets, according to new research from the Financial Reporting Council (FRC). Just 14% of FTSE 100 companies set measurable objectives for board

The Financial Reporting Council (FRC) has today announced a major shakeup of its oversight and supervisory functions to speed up the pace of enforcement investigations. The regulator is also broadening its stated purpose which is to serve the public interest by setting high standards of corporate go

The Financial Reporting Council (FRC) has today launched a consultation on revised auditing standard for identifying and assessing risks of material misstatement.  The FRC’s changes reflect revisions made by the International Auditing and Assurance Standards Board (IAASB) and are designed

The Competitions and Markets Authority (CMA) has urged that legislation should break up the UK's largest accountancy firms known as 'The Big Four' after it emerged that the profession is engaging in talks to enact a self-imposed split.

The Big Four accounting firms are engaging in talks with the audit regulator regarding a self-imposed break-up in an attempt to get ahead of government enforcement action. The Financial Reporting Council (FRC) is currently drawing up guidelines for the separation of audit and consulting operations a

Reporting on workforce-related issues needs to improve to meet investor needs and reflect modern-day workforces, according to a new report from the Financial Reporting Council’s (FRC) Financial Reporting Lab. Workforce-related matters such as working conditions, changing contractual arrangemen

The Financial Reporting Council (FRC) has revealed it will need at least another six months to investigate KPMG’s auditing of collapsed construction and services firm Carillion due to the scale and complexity of the case.

Companies need to improve their governance practices and reporting if they are to demonstrate their positive impact on the economy and wider society, according to a new report from the Financial Reporting Council (FRC). While changes to the 2018 UK Corporate Governance Code raised the bar considerab

A management reshuffle has occurred at accountancy firm RSM following the discovery of an error in its accounts.  RSM scored a major win last year when it was appointed as auditor to Sports Direct. However, the company's accounts for the year to 31st March revealed that the firm had made e

The Sir Donald Brydon CBE Assess, Assure and Inform: Improving Audit Quality and Effectiveness report has recommended that auditors should be made independent from the larger accountancy profession. The report has emphasised the need for such a move in an effort to "stimulate improved quality and ef

To support the delivery of high-quality audit in the UK, the Financial Reporting Council (FRC) has today issued a major revision to its Ethical Standard and revised Auditing Standards. The changes will help to strengthen auditor independence, prevent conflicts of interest and ensure the UK is seen a

The Financial Reporting Council (FRC) is planning a drastic change to rules governing company boards which will place more responsibility on directors to vouch for the integrity of their financial controls. The changes arrive in response to the scandals at Carillion, Patisserie Valerie, M&C Saat

The International Auditing & Assurance Standards Board (IAASB) has appointed the Financial Reporting Council’s (FRC) Josephine Jackson to its board. Her appointment will commence on 1 January 2020 and will be for an initial term of three years. Ms Jackson is the FRC’s technical

The Financial Reporting Council (FRC) has announced sanctions against Grant Thornton UK LLP. The sanctions are held against Grant Thornton and one of its Audit Engagement Partners in relation to the statutory audit of the 2016 financial statements of a publicly listed company.

Companies applying the new standard on lease accounting need to provide more information on its effects, according to a new report by the Financial Reporting Council (FRC). The FRC has reviewed the interim reports of 20 companies applying International Financial Reporting Standard 16 (IFRS) ‘L