Frc

The auditor of now-collapsed Laura Ashley, UHY Hacker Young (UHY), has been fined £300,000 by the Financial Reporting Council (FRC) for failing to highlight serious financial issues at the design company and its imminent danger of collapse. The FRC issued a Final Settlement Decision Notice and

The Financial Reporting Council (FRC) has today published a Position Paper setting out the next steps to reform the UK’s audit and corporate governance framework. The paper follows the Government Response to the consultation on strengthening the UK’s Corporate Governance, Corporate Repor

The Financial Reporting Council (FRC) has today published comprehensive professional judgement guidance for auditors to improve how they exercise professional judgement. Professional judgement is key to high quality audit, however the FRC regularly identifies poor professional judgement as one of th

The Financial Reporting Council (FRC) has today published a consultation on proposed changes to Technical Actuarial Standard 100 which would require actuaries to include climate change risks in the course of their work. The FRC is proposing to introduce a new requirement to ensure actuarial practiti

Big Four accountancy firm PricewaterhouseCoopers (PwC) has been fined £5 million in relation to its audits of Galliford Try and Kier Group. The company was fined a total of £8,850,000, adjusted to £4,998,500, by the Financial Reporting Council (FRC) - £3,038,750 and 

Reforms to the UK's audit and corporate governance framework will make the country "an even more attractive place in which to do business and to invest", the UK government has said. In the government's response to an earlier consultation on audit and corporate governance, Business Secretary Kwasi Kw

Sir Jon Thompson, the chief executive of the Financial Reporting Council (FRC) has called the overhaul of the UK's audit regime a "missed opportunity" to improve internal controls in a proportionate UK-specific manner. Yesterday, the UK Government said that its revamp of the UK's corporate reporting

The Executive Counsel of the Financial Reporting Council (FRC) has imposed sanctions against KPMG and Anthony Sykes, an audit engagement partner, in relation to the statutory audit of the consolidated financial statements of Rolls-Royce Group plc for the financial year ended 31 December 2010. The fi

Proposed changes to the UK's financial reporting rules following Brexit have been published by the Financial Reporting Council (FRC). The FRC issued the FRED 80 draft amendments on Friday, which propose to update the application guidance to FRS 100 to reflect changes to company law and decisions on

The Financial Reporting Council (FRC) has published its thematic review of discount rates.

Big Four firm KPMG is set to be fined £14.4 million after a Financial Reporting Council (FRC) tribunal found that its auditors deliberately misled regulators during routine inspections of its audit of collapsed government contractor Carillion. The £14.4m fine for KPMG would be the second

The Financial Reporting Council (FRC) has made changes to its Publication Policies for the Audit Enforcement Procedure (AEP) and the Accountancy and Actuarial Schemes. The main change relates to the test to be applied, by the Conduct Committee, when considering whether to make an announcement regard

The Financial Reporting Council (FRC) has published new research, in conjunction with the UK Anti-Slavery Commissioner and Lancaster University, which has identified significant shortcomings in the quality of companies’ modern slavery reporting. The research looked at a sample of 100 major com

The Executive Counsel of the Financial Reporting Council (FRC) has imposed sanctions against Deloitte and John Charlton, one of the firm's audit engagement partners, in relation to the statutory audit of the financial statements of Mitie Group plc, for the financial year ended 31 March 2016. Deloitt

The Financial Reporting Council (FRC) has published a new Audit Firm Governance Code for the Big Four audit firms and firms that audit FTSE-350 companies and significant numbers of public interest entities (PIEs). The new Code is a result of the findings of a monitoring programme undertaken by the F