Frc

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

The Financial Reporting Council (FRC) has launched a consultation on the proposed revision of the standards for an audit firm’s responsibilities to design, implement and operate a system of quality management. The FRC proposes to adopt International Standard on Quality Management (UK) 1 Qualit

The Financial Reporting Council (FRC) has announced Amendments to UK and Republic of Ireland accounting standards – UK exit from the European Union. The amendments update UK and Republic of Ireland accounting standards for changes in legislation following the UK’s exit from the European

The Financial Reporting Council (FRC) has today announced its corporate reporting and audit quality review programme for 2021/22 alongside its priority sectors for review. The FRC’s Corporate Reporting Review team will supplement its routine reviews of corporate reporting with five thematic re

The Financial Reporting Council's (FRC) audit quality reviews have found that audit firms did not challenge the management of audited entities effectively on the significant judgements they had made. As a result, the regulator has reiterated the importance of a challenge culture in audit firms.

New research commissioned by the Financial Reporting Council (FRC) has shown that the development of standards for audit committees would support a more consistent approach to promoting audit quality. The research, conducted by YouGov, involved interviews with Audit Committee Chairs (ACCs) on how th

The Financial Reporting Council (FRC) has launched a consultation on the proposed revision of its review standard for interim financial statements, International Standard for Review Engagement (UK) 2410 (ISRE (UK) 2410) Review of Interim Financial Information Performed by the Independent Auditor of

Audit firms have implemented additional measures to enhance their evaluation of companies’ going concern assessments since the start of the coronavirus pandemic, according to a review of completed audits by the Financial Reporting Council (FRC). The FRC reviewed a sample of eleven audits