News December 2021



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
14 January 2022
The Disciplinary Tribunal Hearing of the Formal Complaint against KPMG and others, which started on 10 January 2022 via remote proceedings, will take place in-person from Monday, 17th January 2022. 
News - Accounting - Auditing
7 January 2022
The Financial Reporting Council (“FRC”) has commenced an investigation in relation to the audits conducted by MacIntyre Hudson LLP (trading as MHA MacIntyre Hudson) of the financial statements of MRG Finance UK plc for the years ended 31 December 2018 and 31 December 2019. ...
News - Accounting - Auditing
5 January 2022
Pursuant to the Auditor Regulatory Sanctions Procedure, the FRC’s Enforcement Committee (the Committee) has concluded that Mazars LLP (Mazars) failed to comply with the Regulatory Framework for Auditing in its audit of a local government authority’s 2019 financial statements. 
News - Accounting - Audit Monitoring - Auditing