Frc

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

The Financial Reporting Council (FRC) has fined Grant Thornton UK LLP £40,000 for failing to comply with auditing frameworks for a local authority's pension fund.

KPMG has been fined £1.5 million by the Financial Reporting Council (FRC) for "serious failings" in its audit of prominent advertising agency M&C Saatchi.

The Financial Reporting Council (FRC) issued a historic number of fines in 2023, totalling £33.2 million, surpassing the previous year's record.

Richard Moriarty, the new chief executive of the UK’s Financial Reporting Council (FRC), has expressed his stance on the Big Four firm's reign over the UK audit market. In contrast to his predecessor, Mr Moriarty expressed lesser concern if Deloitte, EY, KPMG, and PwC continue their near-total

KPMG has been slapped with a record £21 million fine by the Financial Reporting Council (FRC) over its mishandling of the audits for Carillion, the government contractor that collapsed in 2018.

The proposed reform of the UK's auditors has been delayed again, prolonging the uncertainty the industry has dealt with for the past four years. Since 2019, the Financial Reporting Council (FRC) has been poised to transform into the Audit, Reporting and Governance Authority (Arga). This new body, en

Richard Moriarty has been appointed as the new CEO of the Financial Reporting Council (FRC), set to commence his role in October. This announcement was made by minister Kevin Hollinrake on behalf of the Department of Business and Trade. Mr Moriarty will succeed Sir Jon Thompson, who has transitioned

In its annual inspection, the Financial Reporting Council (FRC) noted an improvement in the audit quality of the UK's largest firms, including BDO, Deloitte, EY, Grant Thornton, KPMG, Mazars, and PwC. The FRC reported that 77% of the audits inspected were of high quality or required limited refineme