Frc

The chair of the Financial Reporting Council (FRC), Sir Jan du Plessis, has countered claims from senior partners at the Big Four accounting firms stating that they should increase junior auditors' pay to make the sector more appealing to young recruits.

The Financial Reporting Council (FRC) has handed out a fine of £1.3 million to KPMG and its former employee Stuart Peter James Smith for audit failings, after it concluded its investigation into the statutory audit of Luceco Plc's financial statements for the financial year ended 31

The Financial Reporting Council (FRC) has fined PwC and two of the firm's former partners nearly £8 million due to failures in the audits of Babcock International's accounts. The fines are in relation to the audits of Babcock's accounts ending in the financial years 31 March 2017 and 31 March

Deloitte and audit engagement partner Simon Manning have been fined nearly £1 million for failings regarding the statutory audits of SIG plc's 2015 and 2016 financial statements. The Financial Reporting Council (FRC) has issued a final settlement decision notice under the audit enforcemen

The Financial Reporting Council (FRC) has announced new supervision measures to support smaller audit firms seeking to grow their share of the audit market without compromising audit quality. Tier 2 and tier 3 firms audit a minority of listed companies and other public interest entities (PIEs) withi

The Financial Reporting Council (FRC) has published an updated list of signatories to the UK Stewardship Code following its Spring 2022 assessment. Following the review process considering organisations’ investment styles, sizes and types, 43 new signatories were added, taking the total number

Popular fintech Revolut has received calls to improve its internal controls after the Financial Reporting Council (FRC) found the company's account audits to be significantly flawed.

The Financial Reporting Council (FRC) has released the 20th edition of its annual Key Facts and Trends (KFAT) report. This year's KFAT shows that membership of the accountancy bodies continues to grow, with nearly 390,000 members in the UK and Republic of Ireland and over 590,000 members worldw

The Financial Reporting Council (FRC) has fined PwC £2.5 million and handed out a £60,000 fine to audit partner Richard Hughes. The verdict comes after an investigation revealed failings in PwC's 2017 audit of BT Group Plc after the discovery of £512m fraud.

The Financial Reporting Council (FRC) has reported a record £46.5 million in financial sanctions issued in the last year. The FRC published its fourth Annual Enforcement Review which reports a record number of cases resolved in the last year and record financial sanctions of £46.5m were

KPMG has been fined £20 million by the Financial Reporting Council (FRC) for its audits of Carillion and Regenersis. The £20m fine, which is the largest the big four firm has received in the UK, is part of sanctions for misconduct of audits carried out by KPMG for Carrilion and Regenersi

The Financial Reporting Council (FRC) has published its annual report and accounts outlining the progress made over 2021/22 towards transitioning to the new independent regulator, the Audit, Reporting and Governance Authority (ARGA). The report sets out the achievements over the past year, incl

The Financial Reporting Council (FRC) has today published its annual inspection and supervision results of the largest audit firms (BDO, Deloitte, EY, Grant Thornton, KPMG, Mazars and PwC). Overall, 75% of audits inspected were good or required limited improvement (compared to 71% in 2021 and 67% in

The Executive Counsel of the Financial Reporting Council (FRC) has fined Grant Thornton UK a total of £520,000 in relation to its statutory audits of the financial statements of Sports Direct International (SDI) for the financial years ended 24 April 2016 and 29 April 2018. Sanctions have also

Over the past few months, a number of firms around the world have been sanctioned by regulators regarding cheating in exams. The most recent example involved cheating in external professional exams in addition to cheating on internal assessments. EY was fined a record $100 million by the Security an