Frc

The Financial Reporting Council (FRC) has fined KPMG £13 million for its audits of Silentnight from August 2010 to April 2011. The accountancy regulator has announced sanctions against the Big Four firm and David Costley-Wood, formerly a partner and head of KPMG Manchester Restructuring.

The Financial Reporting Council (FRC) has today published its third Annual Enforcement Review revealing that its Enforcement Division has grown by 44% in the last year.  The increase in the size of the division has helped the watchdog to enable the swifter resolution of cases, while the number

One third of audits inspected by the Financial Reporting Council (FRC) still require improvement, according to the latest Annual Audit Quality Inspection Results. In total, 29% of the 103 audits reviewed by the accountancy regulator were found to require improvement or significant improvement. The f

The Financial Reporting Council (FRC) is on track to become a new, more resilient regulator according to an analysis of its recently released Annual Report and Accounts. Sir Jon Thompson, FRC CEO, said: “The improved capacity, capability and processes that the FRC delivered in 2020/21 have mov

The Financial Reporting Council (FRC) is seeking views on amendments made to the Audit Enforcement Procedure (AEP). The FRC has reviewed the AEP and intends to amend it. Through this consultation, the FRC seeks feedback and comment on these proposed amendments.

New data released by the Financial Reporting Council (FRC) has revealed that challenger audit firms have increased their share of FTSE 250 audits, from 4.8% to 7.6%. However, the dominance of the Big Four remains, as all FTSE 100 companies continue to be audited by EY, Deloitte, KPMG or PwC.Improvin

The Financial Reporting Council (FRC) has issued revised quality management standards for an audit firm’s responsibilities to design, implement and operate a system of quality management. The standards are as follows:

The Financial Reporting Council (FRC) has said that changes are needed to make environmental, social and governance (ESG) reporting effective. The FRC published its Statement of Intent on Environmental, Social and Governance challenges this week. The statement sets out areas in which there are issue

The Financial Reporting Council (FRC) has announced the appointment of Hannah Nixon and Ruwan Weerasekera as non-executive directors (NEDs) to the FRC Board. They join the FRC Board at a time of significant growth and transformation as the FRC transitions into the Audit, Reporting and Governance Aut

The Financial Reporting Council (FRC) is seeking a £15 million fine against Big Four audit firm KPMG after a draft tribunal report highlighted misconduct in its sale of Silentnight to private equity firm HIG. The accountancy regulator is also pursuing a fine of at least £500,000 against

The Financial Reporting Council (FRC) has issued Amendments to FRS 102 and FRS 105 – COVID-19-related rent concessions beyond 30 June 2021. These amendments extend the application of requirements that cover the accounting treatment of temporary rent concessions occurring as a direct consequenc

Sir Jon Thompson, chief executive of the Financial Reporting Council (FRC) has admitted that the financial regulator was "asleep at the wheel" during corporate failures. In an interview with the Financial Times, Sir Jon admitted that the regulator had failed to do its job during a series of corporat

The Financial Reporting Council (FRC) has issued a revision of its UK auditing standard on the responsibilities of auditors relating to fraud - ISA (UK) 240 (Revised May 2021) - The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements.The revisions to the standard are des

The number of fines issued to auditors by the accountancy watchdog has almost tripled in the last year as the Financial Reporting Council (FRC) seeks to stamp out poor practices ahead of a government consultation on reforming the scandal-hit industry. The FRC distributed £25 million in fines i

The Financial Reporting Council (FRC) has published research revealing that workforce engagement lies at the heart of good corporate governance. The research, by Royal Holloway at the University of London and the Involvement and Participation Association found that many FTSE 350 annual reports appea