News

The Financial Reporting Council (FRC) has today issued a revision of its standard for the identification and assessment of risks of material misstatement in an audit of financial statements. The revised standard (ISA (UK) 315 (Revised – July 2020) - Identifying and Assessing t...

The FRC has announced sanctions in relation to ethical breaches during the 2014 audit of Conviviality. FRC sanctions can be found below: Grant Thornton Kevin Engel  Natasha Toy

The Financial Reporting Council (FRC) has imposed a Severe Reprimand on Natasha Toy, a former Senior Manager (the Senior Manager) at Grant Thornton UK LLP (the Firm) in respect of Misconduct relating to the audit of the financial statements of Conviviality Retail Plc (the Comp...

The Financial Reporting Council (FRC) has sanctioned a former audit engagement partner, Mr Kevin Engel, (the Audit Engagement Partner) in respect of Grant Thornton UK LLP’s (the Firm) audit of the financial statements of Conviviality Retail Plc (the Company) for the year ended...

The Financial Reporting Council (FRC) has fined Grant Thornton UK LLP (Grant Thornton) £3 million (discounted to £1.95 million for admissions and early disposal) for: (i) firm-wide failures to ensure compliance with ethical standards and requirements between 2014 and 2017 and ...

Today the FRC has announced its principles for operational separation of the audit practices of the Big Four firms.   The objectives of operational separation, which is world leading, are to ensure that audit practices are focused above all on delivery of high-quality audits...

Blog post by Phil Phitz-Gerald of the FRC Lab, setting out reporting expectations investors expect to see in times of crisis.

Audit firms have introduced a range of additional measures to enhance their evaluation of companies’ going concern assessments, since the start of the Covid-19 emergency, according to a review initiated and undertaken by the Financial Reporting Council (FRC).

Hannah Armitage of the FRC's Financial Reporting Lab updates on work being undertaken by the FRC to address the climate challenge.