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News December 2015


22 February 2018
The FRC reminds auditors of charities that they are required to carry out their audit in compliance not only with the FRC's ethical and auditing standards, but also applicable legal and regulatory requirements
News - Assurance - Auditing
9 February 2018
The FRC has today expressed its strong support for the objectives of the reform proposals issued by the Monitoring Group, and has urged that momentum is maintained.
News - Assurance - Audit Monitoring - Auditing - Ethics - Investor Stewardship
9 February 2018
IFRS 17 Insurance Contracts was published in May last year. The standard will be effective from January 2021. The European Commission asked the European Financial Reporting Advisory Group (EFRAG) to give its advice on the endorsement of IFRS 17 in the European Union. To und...
News - Accounting
8 February 2018
In a report, published today, the Joint Forum on Actuarial Regulation (JFAR) highlights current risks to high quality actuarial work.  The Risk Perspective identifies nine ‘hotspots’ where there is a perceived increase in risk to the public interest where actuarial work is cen...
News - Risk
30 January 2018
It has been confirmed today by the Business Energy and Industrial Strategy Secretary of State, Greg Clark, that James Wates CBE, Chairman of the Wates Group, will chair the Coalition Group that will develop new corporate governance principles for large privately-owned companies.
News - Corporate Governance
29 January 2018
The Financial Reporting Council (FRC) has today published a graphic detailing each stage of the process its Enforcement team follows to gather evidence of misconduct and/or breaches by audit firms, auditors, accountants and actuaries, and investigate failures.
News - Discipline
29 January 2018
In the light of the collapse of Carillion, the Financial Reporting Council (FRC) reminds Boards of companies in the construction and business support services sectors of their reporting obligations (PDF).   This guidance will also be relevant to other companies.  
News - Accounting - Corporate Reporting - Financial Reporting
29 January 2018
The Financial Reporting Council (FRC) has decided, following enquiries made since a profit warning in July 2017, to open an investigation under the Audit Enforcement Procedure in relation to KPMG’s audit of the financial statements of Carillion plc. The investigation will cove...
News - Auditing - Discipline
23 January 2018
The Financial Reporting Council (FRC) has fined and reprimanded the audit firm Arrandco Audit Ltd. (formerly RSM Tenon Audit Ltd. “Tenon”) and the Audit Engagement Partner Jeremy Filley, following an investigation opened in August 2015. Both parties admitted Misconduct in rela...
News - Auditing - Discipline
17 January 2018
The Financial Reporting Council (FRC) has, with the consent of the Chartered Institute of Public Finance and Accountancy (CIPFA), revoked the recognition of CIPFA as an audit qualifying body under the provisions of the Companies Act 2006 with effect from 18 December 2017.
News - Audit Monitoring - Auditing