FRC
The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for setting standards in corporate governance, accounting, and auditing. Our reporting keeps accountancy and advisory professionals informed about FRC policy updates, enforcement actions, consultation outcomes, and changes to reporting and audit standards. We analyse how the FRC’s evolving role impacts compliance requirements, financial reporting quality, and audit oversight across the UK accountancy sector.
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May- 2024 -8 MayAudit
PwC and EY fined over LC&F audits
Big Four firms PwC and EY have been fined by the FRC over their audits of collapsed minibonds firm London Capital and Finance (LC&F).LC&F collapsed into administration on 30 January 2019, owing about £237m to 11,625 individual bondholders. The Financial Reporting Council (FRC) said that PwC, who audited the LC&F’s…
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Apr- 2024 -30 AprilAdvice & Best Practice
Closing the skills gap: embracing global accounting talent
The UK accountancy industry has been facing a significant skills shortage that’s been building for some years. In 2020, Hays Accounting and Finance shared that nearly 73% of employers in the finance and accounting sector said they had experienced some form of skills shortage and one in five companies admitted…
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29 AprilLatest News
Today’s news in brief – 29/4/2024
SMH Group has appointed James Salim as director in the Sheffield office, recognizing his dedication to client service and growth in the audit department. Salim, an ACCA qualified senior manager, brings expertise in Audit and Assurance, particularly in advising larger corporate clients and charities. Lovewell Blake Financial Planning has named…
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29 AprilBig Four
FRC questions Big Four on AI exam cheating prevention
The Financial Reporting Council (FRC) has asked the Big Four to show what measures they have put in place to stop professionals from using generative AI tools to cheat on exams. According to reports from The Telegraph, the accounting watchdog has stated that it is “working closely” with Britain’s biggest…
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18 AprilAdvice & Best Practice
The FRC’s periodic review of FRS 102: explained
The FRC issued a laundry list of comprehensive improvements to FRS 102 on 27 March, which is used by an estimated 3.4 million businesses. The changes to these financial reporting standards aim to enhance the quality of financial reporting in the UK, helping support the access to capital and the…
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8 AprilLatest News
Today’s news in brief – 8/4/2024
Dunkley’s Chartered Accountants has merged with Gillespie’s, enhancing service offerings for clients in Bristol. The move, reflecting a 20-year relationship between the firms, signifies Dunkley’s growth milestone while maintaining its Bristol headquarters. Lisa White, Dunkley’s director, emphasises seamless client transition and enhanced support for businesses across the South West. Grant…
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8 AprilAudit
FRC fines Grant Thornton £40k over pension fund audit failure
The FRC’s enforcement committee has sanctioned Grant Thornton £40k after it was found that the firm failed to comply with the regulatory framework for auditing in its audit of a local authority’s pension fund for the year to 31 March 2021. News follows an inspection by the FRC’s audit quality…
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3 AprilAudit
ACCA welcomes UK/AUS audit recognition deal
ACCA has welcomed the mutual recognition agreement between UK and Australian audit authorities. At a time of a talent shortage, the deal should make it easier for auditors, including ACCA members, to work between both countries. The agreement between the UK’s Financial Reporting Council and the Australian Securities and Investment…
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Mar- 2024 -27 MarchRegulation
FRC revises accounting standards for UK and Ireland
The Financial Reporting Council (FRC) has issued new improvements to financial reporting standards for the UK and Republic of Ireland.The authority said the amendments are designed to enhance the quality of UK financial reporting and help support the access to capital and growth of the businesses applying them. The standards…
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25 MarchFeatures
Five common pitfalls accountancy firms should avoid
In the ever-evolving landscape of finance, accountancy firms in the UK shoulder the responsibility of ensuring financial integrity and compliance for their clients. However, even the most experienced firms can stumble upon common pitfalls that can jeopardise their effectiveness and reputation. From overlooking regulatory changes to neglecting client communication, these…
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