News August 2021



14 February 2022
The FRC has today published a consultation paper on proposed changes to the Actuarial Standard Technical Memorandum 1 (AS TM1) to reflect the new environment that will exist once pensions dashboards display Estimated Retirement Income illustrations.
News - Actuarial
10 February 2022
The Financial Reporting Council (“FRC”) has commenced an investigation in relation to the audit conducted by HW Fisher LLP of the financial statements of Liberty Commodities Limited for the year ended 31 March 2020.
News - Accounting - Auditing - Discipline
9 February 2022
The Financial Reporting Council FRC has today outlined its preliminary thoughts to the International Sustainability Standards Board (ISSB) on the prototypes published by the Technical Readiness Working Group to support the development of International Sustainability Standards.
News - Accounting
31 January 2022
The FRC has today issued January 2022 editions of UK and Ireland accounting standards.
News - Accounting
26 January 2022
Independent research commissioned by the Financial Reporting Council which builds on similar research in 2020, reinforces the case for developing standards for Audit Committees to help promote a more consistent approach to audit quality. The research, conducted by YouGov, was ...
News - Audit Monitoring - Auditing
20 January 2022
The FRC is today opening applications for its Stakeholder Insight Group (SIG), a new cross-stakeholder panel that will represent preparers, investors, audit committee chairs and other key parts of our stakeholder universe including reporting framework owners and civil society ...
19 January 2022
The Financial Reporting Council has issued a Final Decision Notice under the Audit Enforcement Procedure and imposed sanctions against KPMG LLP (“KPMG”) and the Audit Engagement Partner, Nicola Quayle (the “Respondents”), in relation to the statutory audit of the financial sta...
News - Discipline
18 January 2022
The Executive Counsel to the Financial Reporting Council (FRC) has agreed terms of settlement with KPMG and Stuart Smith following their admissions of Misconduct in relation to the FRC’s Audit Quality Review (AQR) inspection of the audit of the financial statements of Regeners...
News - Accounting - Auditing - Discipline
18 January 2022
Today the FRC has published its 3-year Plan for 2022-25. The 3-year Plan acknowledges the FRC’s continued commitment to being an effective and transparent regulator as it prepares to transition to the Audit, Reporting and Governance Authority. It contains a detailed breakdown ...
News - Planning
17 January 2022
The Financial Reporting Council (FRC) has commenced an investigation into the statutory audits by PricewaterhouseCoopers LLP (PwC) of the consolidated financial statements of Babcock International Group plc (Babcock) for the years ended 31 March 2019 and 2020.
News - Accounting - Audit Monitoring - Auditing