Frc

The Financial Reporting Council (FRC) has announced it will be holding an international conference in June entitled Audit Firm Culture: Challenge. Trust. Transformation. The conference will explore the link between audit firm culture and audit quality with the objective of accelerating the pace of c

The Financial Reporting Council (FRC) has issued an Exposure Draft that proposes to extend the application period of requirements that cover the accounting treatment of temporary rent concessions occurring as a direct consequence of the COVID-19 pandemic by one year. FRED 78 proposes that requiremen

The Financial Reporting Council (FRC) has said it is on track to become a "new, more resilient regulator" after it published its Strategy for 2021/22 following a period of consultation. Throughout the consultation, respondents expressed broad support for the FRC’s progress towards the new Audi

The Financial Reporting Council (FRC) has published summaries of its corporate reporting reviews for the first time. Each year, the FRC conducts over 200 corporate reporting reviews to assess whether company reports and accounts comply with relevant accounting and reporting requirements.

Sir Jon Thompson, the chief executive of the Financial Reporting Council (FRC) has told non-executive directors that they cannot “simply turn up” and “take your fees” as backlash grows over proposed reforms to increase their exposure to regulatory action. Yesterday, Sir Jon T

The Financial Reporting Council (FRC) has published a new report which sets out what firms can expect from the FRC in the course of supervision with a focus on audit quality and firm resilience. 'Our Approach to Audit Supervision' highlights the FRC's approach to supervision and what the w

The Department for Business, Energy & Industrial Strategy (BEIS) has launched a consultation on wide-ranging reforms to modernise the country’s audit and corporate governance regime. The UK Government's plans for reform could make to easier to reclaim bonuses paid to the executive of faile

The Financial Reporting Council (FRC) has commenced an investigation into the audits by Deloitte of the financial statements of Lookers plc. The investigation concerns the audit of Lookers' financial statements for the years ended 31 December 2017 and 2018.

The Financial Reporting Council (FRC) has today issued advice for companies on how to report transparently and effectively when departing from certain provisions of the UK Corporate Governance Code. The Code sets high standards for Corporate Governance. It recognises that companies have differing ci

KPMG is close to selling its restructuring arm to private equity firm HIG Europe as part of a deal that could see a former head of Deloitte run the newly separated business. HIG Europe is in exclusive talks to buy the Big Four firm's restructuring operation for about £400 million.

The Financial Reporting Council (FRC) has reviewed the plans for the operational separation of the audit practices of the Big Four and confirmed that they can now move on to the next stage of implementation. The FRC published principles for operational separation of the audit practices of the B

The Financial Reporting Council (FRC) has launched its TCA fees instrument consultation. This consultation seeks views on the proposed Third Country Auditors (Fees) Instrument 2021, which includes an increase in the periodical fees for registered Third Country Auditors in the UK.The consultation is

The Financial Reporting Council (FRC) has said it is on track to becoming a robust and independent regulator as it published its draft 2021/22 Strategy, Plan & Budget for consultation. The watchdog has said that the draft reflects its 'continued commitment' to serve the public interest whilst al

The UK’s new, empowered audit watchdog will not be launched until April 2023 despite business secretary Kwasi Kwarteng’s pledge to prioritise reforming the sector after a series of accountancy scandals.

The Financial Conduct Authority (FCA) and the Financial Reporting Council (FRC) have issued a joint statement reminding companies that extended financial information timelines continue to apply. Public policy interventions made in 2020 provided more time for the work necessary to ensure that publish