Frc

The Financial Reporting Council (FRC) has fined PwC £2.9mn for failures in its audit of since-collapsed Wyelands Bank, which was owned by businessman Sanjeev Gupta. The Big Four firm admitted to breaching audit requirements for the bank's 2019 accounts, particularly regarding risk assessment a

As part of its campaign to support small and medium-sized enterprises (SMEs) access audit services, the Financial Reporting Council (FRC) has today published the first in its series of supporting materials to help SMEs to engage with the annual audit process effectively and confidently. The summary

The Financial Reporting Council (FRC) has launched the public beta of its Digital Reporting Viewer, a new tool designed to improve free access to structured company reporting data. The Viewer enables users to easily view and analyse Inline eXtensible Business Reporting Language (iXBRL) files, displa

The Financial Reporting Council (FRC) has released updated guidance on the Going Concern Basis of Accounting and Related Reporting, including Solvency and Liquidity Risks.

The Institute of Chartered Accountants of Scotland (ICAS) has urged the UK government to collaborate with the Financial Reporting Council (FRC) to establish a robust regulatory framework for sustainability assurance. This call follows the FRC’s publication of its final report from the Assuranc

The Financial Reporting Council (FRC) has published its final report from its market study into the assurance of sustainability reporting. The 2024 study found that while the UK’s market for the assurance of sustainability reporting is functioning well, there are concerns over quality consiste

The Financial Reporting Council (FRC) has launched a market study examining how effectively the audit market serves small and medium-sized enterprises (SMEs) and exploring opportunities to reduce their reporting burden where possible. This study is the first phase of the FRC’s broader campaign

The Financial Reporting Council (FRC) has launched a probe into KPMG's audit of gambling giant Entain's 2022 accounts. Entain, which owns brands including Ladbrokes, Coral, and Bwin, paid a £615 million fine in 2023 as part of a deferred prosecution agreement relating to a bribery probe into i

The Financial Reporting Council (FRC) has today announced the four largest audit firms (Deloitte, EY, KPMG, PwC), have concluded the transition period of operational separation. Throughout the three-year transitional period, all four firms have made significant improvements to their governance to pr

The Financial Reporting Council (FRC) has updated its guidance for actuaries using artificial intelligence and machine learning (AI/ML). The revised guidance helps actuaries apply the principles of Technical Actuarial Standard 100 (TAS 100) when using these techniques, ensuring the continued product

The Financial Reporting Council's (FRC) Annual Review of Audit Quality revealed a disappointing performance from BDO and Forvis Mazars, whose audit results fell significantly below expectations. The results are based on a risk-based sample of the audits undertaken by 'Tier 1' audit firms, which

The Financial Reporting Council (FRC) has issued a record £48.2 million in fines last year, surpassing the previous year's total. This increase is due to the conclusion of several high-profile cases, including investigations into the audits of collapsed contractor Carillion and the scandal-hit

The Payments Systems Regulator (PSR) and Financial Conduct Authority (FCA) have launched a joint call for views on the impact to people and businesses of digital wallets, such as Apple Pay, Google Pay, and PayPal. With over half of UK adults now using digital wallets, the regulators are keen to

Following a strategic review of its economic analysis, data analysis, research and market monitoring functions, the Financial Reporting Council (FRC) has announced the reorganisation of its existing resources into two newly structured teams. This will enable delivery of better stakeholder outcomes a

The Financial Reporting Council (FRC), has imposed hefty fines on accounting giants PwC and EY, along with a smaller firm, Oliver Clive & Co, for audit failures related to London Capital & Finance (LCF), a collapsed investment group. PwC and EY were fined £4.9 million and £4.4m r