Financial Reporting Council



FRC encouraged by reporting by applicants on stewardship

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.

Published 2 December 2021

FRC: UK Corporate Governance Code reporting improves but more is required to strengthen company reporting

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.

Published 25 November 2021

UK auditors are showing 'poor judgement', according to new FRC report

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).

Published 19 November 2021

FRC report sets out what it expects from audit firms to deliver high quality audit

A new report from the Financial Reporting Council (FRC) has set out the key elements required by audit firms to ensure they are delivering high quality audit.

Published 17 November 2021

Grant Thornton fined over £700,000 for audit failures at Interserve

Accountancy firm Grant Thornton has been slapped with a financial sanction of nearly £720,000 in connection with failings in its audits of Interserve.

Published 1 November 2021

KPMG accused of 'advancing an untruthful defence' in Silentnight case

David Costley-Wood, the former head of KPMG Manchester restructuring, "advanced an untruthful defence" at a disciplinary hearing into KPMG's misconduct in the sale of Silentnight, according to the Financial Reporting Council's (FRC) Independent Disciplinary Tribunal.

Published 14 October 2021

Companies must be more transparent in accounts, says watchdog

The Financial Reporting Council (FRC) has said that listed companies must be more transparent about their use of alternative performance measures such as "underlying profits" and "core operations."

Published 8 October 2021

FRC fines Grant Thornton £2.3m for Patisserie Valerie audits

The Financial Reporting Council (FRC) has fined accountancy firm Grant Thornton more than £2.3 million for failings and a 'serious lack of competence' in its audits of restaurant chain Patisserie Valerie.

Published 27 September 2021

FRC publishes review findings on companies viability and going concern disclosures

The Financial Reporting Council (FRC) has published the findings of its review of companies’ viability and going concern disclosures which found there were several areas where viability and going concern reporting could be improved.

Published 23 September 2021

FRC publishes review findings on Streamlined Energy and Carbon Reporting

The Financial Reporting Council (FRC) has published the findings of its review of reporting on emissions, energy consumption and related matters under the new Streamlined Energy and Carbon Reporting (SECR) rules which came into effect from 1 April 2019.

Published 10 September 2021

Strathclyde Pension Fund joins FRC's UK Stewardship List

The Strathclyde Pension Fund has been approved as a signatory to the Financial Reporting Council’s UK Stewardship Code.

Published 9 September 2021

Regulator announces formal complaint against KPMG for Carillion and Regenersis audit

The Financial Reporting Council’s (FRC) Executive Counsel has delivered a disciplinary Formal Complaint, under the Accountancy Scheme, against KPMG, a former KPMG partner and certain current and former KPMG employees.

Published 1 September 2021

FRC announces proposals to strengthen UK’s Audit Firm Governance Code

The Financial Reporting Council (FRC) has today announced a consultation on proposals to update and strengthen significantly the Audit Firm Governance Code in support of the FRC’s objectives to promote high-quality audit and audit market resilience.

Published 26 August 2021

FRC fines EY £3.5m for Stagecoach Group audit

The Financial Reporting Council (FRC) has announced sanctions against Big Four accountancy firm EY and audit engagement partner Mark Harvey in relation to the statutory audit of the consolidated financial statements of bus company Stagecoach Group plc.

Published 25 August 2021

FRC fines KPMG £13 million in Silentnight case

The Financial Reporting Council (FRC) has fined KPMG £13 million for its audits of Silentnight from August 2010 to April 2011.

Published 5 August 2021