News

The FRC has today launched a consultation proposing limited revisions to the Client Assets Assurance Standard, which provides requirements and guidance for auditors who are required to report to the Financial Conduct Authority on an entity’s compliance with the CASS Rules.

The Financial Reporting Council (FRC) today announces sanctions against KPMG Audit Plc and a partner Richard Hinton, in relation to their Client Assets Reports in respect of The Bank of New York Mellon London Branch and The Bank of New York Mellon (International) Ltd (“BNY Mel...

The Financial Reporting Council (FRC) has today issued its first Annual Enforcement Review which reveals a significant increase in sanctions and settlements.   

The FRC has written to the six largest audit firms setting out its expectations for reporting of non-financial conduct to the FRC as part of its Audit Firm Monitoring and Supervision (AFMAS) responsibilities. 

The Financial Reporting Council (FRC) has announced appointments of the Chair of the Corporate Reporting Council and of a member to the Audit & Assurance Council.

The FRC proposes to set more stringent ethical rules for auditors, in response to findings from recent audit enforcement cases and from audit inspections. In response to feedback from investors, the FRC also proposes to enhance the quality and content of auditor’s reports in o...

The Risk Coalition has just issued a consultation on the Principles and guidance for board risk committees and risk functions in the UK financial services sector. 

The FRC has concluded its annual review of FRS 101 for 2018/19 and issued Amendments to FRS 101 – 2018/19 cycle, which amends the definition of a qualifying entity so that insurers cannot apply FRS 101 from the effective date of IFRS 17 Insurance Contracts. In addition, the FR...

New research from Cranfield University, which is being supported by the Financial Reporting Council (FRC), has found many FTSE 100 companies are implementing a tick box attitude to diversity.  

The latest audit inspections, which relate principally to audits of companies’ December 2017 year-ends, found 75% of FTSE 350 audits reviewed were good or required no more than limited improvements, compared to 73% in 2017/18.