Frc

The Financial Reporting Council (FRC) has today published an updated list of signatories to the UK Stewardship Code. This now includes successful applicants who submitted their report at the end of October 2021. The FRC received 105 applications which was substantially more than expected, of which 7

The Executive Counsel of the Financial Reporting Council (FRC) has imposed sanctions against KPMG and Mr Michael Neil Frankish in relation to their audits of Revolution Bars Group Plc for the financial years ended 30 June 2015 and the 53 weeks ended 2 July 2016. Mr Frankish performed the role of Aud

The Financial Reporting Council (FRC) has issued a consultation on proposed changes to its statutory Guidance to the Recognised Supervisory Bodies (RSBs) on the recognition of Key Audit Partners for local audit. The changes have been proposed to address a recommendation made by Sir Tony Redmond in h

The Financial Reporting Council FRC has outlined its preliminary thoughts to the International Sustainability Standards Board (ISSB) on the prototypes published by the Technical Readiness Working Group to support the development of International Sustainability Standards. The FRC has said it strongly

Jan du Plessis, the chairman-designate of the Financial Reporting Council (FRC) has told the Big Four accountancy firms that “the outcome could be much worse for them” if they do not actively participate in the drive to improve the audit industry. Mr du Plessis' warning came as he faced

Stuart Smith, a former senior auditor at KPMG, has been fined £150,000 and banned for three years after admitting to misleading the Financial Reporting Council (FRC). KPMG and Mr Smith admitted their misconduct in relation to the FRC’s Audit Quality Review (AQR) inspection of the audit o

The Financial Reporting Council (FRC) has commenced an investigation into the statutory audits by PwC of the consolidated financial statements of Babcock International Group plc for the years ended 31 March 2019 and 2020. The FRC has extended its original investigation, which intended to analyse aud

The Financial Reporting Council (FRC) has today published its 3-year Plan for 2022-25 as the watchdog prepares to transition to the Audit, Reporting and Governance Authority (ARGA). The plan contains a detailed breakdown of intended expenditure for 2022-23 and a summary of the expected trajectory of

Jon Holt, the chief executive of KPMG, has admitted that the Big Four firm misled the Financial Reporting Council (FRC) over its audit of collapsed outsourcer Carillion. In a statement released on the first day of a five-week disciplinary tribunal over the behaviour of the firm and six former employ

The Financial Reporting Council (FRC) has fined Mazars £314,000 for failing to comply with the Regulatory Framework for Auditing in its audit of a local government authority’s 2019 financial statements. The FRC's Enforcement Committee found failures in the reviewed audit, which it consid

The hearing of the formal complaint of ­the Executive Counsel to the Financial Reporting Council (FRC) under the Accountancy Scheme against KPMG, a former KPMG partner, and certain current and former KPMG employees will begin on 10 January 2022. The Formal Complaint alleges Misconduct against KP

Aligning culture with purpose, values and strategy can strengthen a company’s business model, help to better manage resources and be more equipped to face future challenges, according to a new report issued by the Financial Reporting Council (FRC). Creating positive culture – opportuniti

The Financial Reporting Council (FRC) is "encouraged" by reporting by applicants on stewardship, according to a new report which analyses reports from the first signatories to the revised Code published in September 2021. According to the report, 'Effective Stewardship Reporting: Examples from 2021

The Annual Review of Corporate Governance published today by the Financial Reporting Council (FRC) found that there was a general improvement in reporting against the UK Corporate Governance Code. The report highlights areas of high-quality reporting, however, there is still room for further improve

UK auditors are showing poor professional judgment in a number of cases and must improve their standards, according to a new report published by the Financial Reporting Council (FRC). In the latest Developments in Audit 2021 report, the FRC revealed that for the third year running around 30% of audi