Financial Reporting Council



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

Corporate reporting rules relaxed: FCA, FRC and PRA announcement in light of coronavirus outbreak

In response to the current COVID-19 situation, the Financial Conduct Authority (FRC), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) are today announcing a series of actions to ensure information continues to flow to investors and support the continued functioning of the UK’s capital markets.

Published 26 March 2020

FRC issues revised standards for investment reporting

The Financial Reporting Council (FRC) has today issued revised Standards for Investment Reporting (SIRs) 1000-5000, and a new SIR 6000 dealing with reports on Quantified Financial Benefits Statements (QFBSs) published in accordance with the City Code.

Published 26 March 2020

FRC launches consultation to adopt International Standard on Assurance Engagements

The Financial Reporting Council (FRC) has today launched a consultation on the proposed adoption in the UK of International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other Than Audits or Reviews of Historical Financial Information.

Published 25 March 2020

FRC highlights step change in use of technology to improve efficiency and quality of audits

The Financial Reporting Council (FRC) has highlighted the step change in the increased use of technology in the audit industry to improve the efficiency and quality of audits.

Published 25 March 2020

FCA requests company reporting ban triggering fear of stock market shut-down

The Financial Conduct Authority (FCA) has written to companies that it was aware were intending to publish preliminary financial statements in the next few days, urging them to delay their planned publications.

Published 23 March 2020

FRC publishes AGMs and impact of Covid-19 guidance

Guidance on how to arrange and conduct AGMs in light of Covid-19 has been published by The Chartered Governance Institute (ICSA) in conjunction with the Financial Reporting Council (FRC) and Slaughter & May. 

Published 18 March 2020

FRC issues guidance for auditors arising from coronavirus pandemic

The Financial Reporting Council (FRC) has today issued updated guidance for auditors which may be facing practical difficulties in carrying out audits as a result of the COVID-19 pandemic (coronavirus).

Published 16 March 2020

Major review to look at company and auditor responses to climate change

A major review of how companies and auditors assess and report on the impact of climate change has been announced by the Financial Reporting Council (FRC).

Published 20 February 2020

FRC issues advice to companies and auditors on coronavirus risk disclosures

The Financial Reporting Council (FRC) has today published guidance for companies on disclosure of risks and other reporting consequences arising from the emergence and spread of Coronavirus (COVID-19).

Published 18 February 2020

FRC publishes letters concerning Brexit transitioning period for accountants and auditors

The Financial Reporting Council (FRC) and Department for Business, Energy and Industrial Strategy (BEIS) have published joint letters for accountants and auditors with information regarding auditing, accounting and corporate reporting standards during the transition period following the UK’s exit from the EU.

Published 13 February 2020

FRC: More work needed to develop succession in FTSE 100 boards despite increase in women

New research from the Hampton-Alexander Review has found one-third of board seats at FTSE 100 companies are now held by women, however progress to develop the succession pipeline across the FTSE 350 remains slow.

Published 11 February 2020

FRC: Most UK companies’ approach to board ethnic diversity is unsatisfactory

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).

Published 10 February 2020

FRC announces plan for greater regulatory oversight

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.

Published 5 February 2020

FRC launches consultation on revised auditing standard for identifying risks of material misstatement

The Financial Reporting Council (FRC) has today launched a consultation on revised auditing standard for identifying and assessing risks of material misstatement. 

Published 29 January 2020