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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Apr- 2025 -16 AprilRegulators
FRC to investigate EY’s Post Office audits from 2015 to 2018
The FRC has announced the opening of an investigation into the EY statutory audits of Post Office Limited for the financial years 2015, 2016, 2017 and 2018. The investigation will be focused specifically on the role of statutory auditors in meeting the auditing standards that pertained at the time, and…
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11 AprilNews-In-Brief
Today’s new in brief – 11/4/2025
Simmons Gainsford has acquired Defries Weiss, a long-established accountancy firm based in Golders Green, North London. The seven-member UK team, supported by four professionals in India, will initially remain in their current office before transitioning to Simmons Gainsford’s London HQ within three months. Founded by Gerry Defries and Warren Weiss,…
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11 AprilRegulation
EY fined £4.9m over Thomas Cook audit failures
The FRC has fined both EY and a partner at the Big Four firm over their audits of Thomas Cook for the years ended 30 September 2017 and 30 September 2018, prior to the group’s collapse in 2019. EY was fined £6,500,000, discounted by 25% for admissions and early disposal…
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8 AprilNews-In-Brief
Today’s news in brief – 8/4/2025
Xeinadin has expanded its southern UK presence by acquiring JCS Accountants in Surrey and Mudd Partners LLP in Essex. The move enables deeper collaboration across offices, especially in audit and digital services. JCS, founded in 1927, brings nearly 100 years of experience serving charities and family businesses. Mudd has rebranded…
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8 AprilRegulators
FRC investigates BDO’s Home REIT 2021 audit
The FRC has opened an investigation into the statutory audit of Home REIT plc by BDO LLP for the year ended 31 August 2021. The decision to commence the investigation was made at a meeting of the FRC’s Conduct Committee on 17 December 2024. The council has said that investigation…
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7 AprilPeople Moves
MHA promotes trio to partner roles in London office
MHA has announced three partner promotions of Julie Long, Will Johnstone and Steve Tebbutt within its London office’s audit and tax teams. Long joins the National Assurance Specialist Advisory (NASA) team as a technical partner following nearly two decades in audit with one of the Big Four and a decade…
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1 AprilBig Four
EY appoints next UK chair
EY has appointed Alison Duncan as its next UK chair subject to a partner vote. Duncan assumes the role from today (1 April), taking over from Hywel Ball who retires from the firm at the end of the financial year. Following a comprehensive nomination process, the UK chair was selected…
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Mar- 2025 -25 MarchNews-In-Brief
Today’s news in brief – 25/3/2025
The Financial Reporting Council (FRC) has fined PwC £4.5m for its inadequate audit of Wyelands Bank’s financial statements for the year ending April 30, 2019. The fine was reduced to £2.89m for PwC’s cooperation. Auditor Jonathan Hinchcliffe was also fined £33,412. The FRC identified failures in risk assessment, compliance audits,…
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25 MarchRegulators
FRC publishes updated position on capital restructuring at UK audit firms
The Financial Reporting Council (FRC) has published an updated letter regarding its approach to capital restructuring at UK audit firms. The update to the letter, originally issued in September 2024, provides further clarity on the FRC’s position amid continued market interest in this topic. In the updated letter, the FRC…
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25 MarchAccounting Standards
PwC fined £4.5m over Wyelands Bank audit
The Financial Reporting Council (FRC) has announced that PwC has been fined £4.5m for the unsatisfactory audit of the financial statements of Wyelands Bank for the financial year ended April 30, 2019. The sanction was reduced to £2.89m for co-operation and admissions but the firm has still been severely reprimanded…
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