Financial Reporting Council



BDO fined £160k and reprimanded over Am Trust audit

BDO, which is the second-largest auditor of listed companies in the UK, has been fined £160,000 and reprimanded over its audit of international insurer AmTrust Europe Limited.

Published 29 July 2020

FRC closes investigation into Mitie financial statements

The UK’s accounting watchdog has closed its investigation into the finances of support services contractor Mitie.

Published 15 July 2020

FRC fines Grant Thornton almost £2m for breaching ethical standards

The Financial Reporting Council (FRC) has fined Grant Thornton for repeated breaches of ethical standards.

Published 9 July 2020

FRC separation order not enough to reform big four firms, critics argue

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.

Published 7 July 2020

Big Four ordered to separate audit practices

The Financial Reporting Council (FRC) has ordered the UK's Big Four accountancy firms to separate their audit practices by June 2024.

Published 6 July 2020

Audit firms introduce measures to improve evaluation of going concern assessments

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.

Published 2 July 2020

Simon Fraser appointed as chair of FRC's Pre-Emption Group

The Financial Reporting Council (FRC) has announced that Simon Fraser has been appointed as the chair of the Pre-Emption Group (PEG).

Published 19 June 2020

FRC imposes non-financial sanctions against KPMG

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.

Published 12 June 2020

FRC announces amendments to UK accounting standards

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.

Published 1 June 2020

FRC launches investigation into KPMG and PwC over Eddie Stobart audits

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

Published 27 May 2020

FRC chair Simon Dingemans to step down

The Financial Reporting Council (FRC) has announced that Simon Dingemans will step down as chair of the council at the end of May.

Published 21 May 2020

FRC encourages firms to utilise reporting extension

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.

Published 13 May 2020

FRC review calls for early warning systems enhancement

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).

Published 6 May 2020

Grant Thornton reports 90% drop in audit profits

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).

Published 8 April 2020

KPMG ordered to pay £700k in sanctions

The Financial Reporting Council (FRC) has imposed sanctions against KPMG, ordering the audit firm to pay £700,000 for audit quality breaches.

Published 2 April 2020