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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Feb- 2023 -6 FebruaryComment
More changes for accounting standards: who will they affect?
Following a periodic review of Financial Reporting Council’s (FRC) standards, some updates to current accounting requirements have been proposed and are currently subject to consultation, with comments invited by 30 April 2023. The changes are not due to come into effect until 1 January 2025, but what are they and…
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2 FebruaryBusiness
Gov launches second round of funding to help accountants work abroad
The Department of Business has announced a second round of funding for the Recognition Arrangements Grant Programme to make it easier for UK professionals to work abroad. Accountants who wish to work abroad will be able to access a grant of up to £75,000 to help them develop agreements with…
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1 FebruarySponsored
The evolution of accounting and the role of cloud-based technology
Accounting is no longer just about crunching numbers and ensuring accuracy. Thanks to a fast-evolving regulatory landscape driven by emerging business trends and technological innovation, it continues to undergo a significant transformation. With changes accelerating all the time, accounting teams are exploring new ways to collaborate and push organisations to…
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Jan- 2023 -20 JanuaryAccounting Standards
FRC launches thematic review of retirement income advice
The Financial Reporting Council (FRC) has revealed it is undertaking a thematic review assessing the advice consumers are receiving on meeting their income needs in retirement. It said the review is a piece of discovery work to explore how financial adviser firms are delivering retirement income advice and assess the…
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19 JanuaryBusiness
FRC launches investigation into Shipleys’ audit of Zaim Credit System
The Financial Reporting Council (FRC) has announced that it has opened an investigation into Shipleys LLP audit of Zaim Credit Systems for the year ended 31 December 2021. The investigation comes after the London Stock Exchange suspended trading of Zaim’s shares last September following a separate investigation into who wholly…
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16 JanuaryAccounting Standards
FRC to investigate EY audit of Veolia UK unit
The Financial Reporting Council (FRC) has started an investigation into EY’s audit of the financial statements of Stirling Water Seafield Finance plc for the year ended 31 December 2019. The firm has been made aware of the investigation and will reportedly “cooperate fully” with the FRC. The investigation will be…
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Dec- 2022 -22 DecemberAccounting Firms
FRC uncovers examples of exam cheating at audit firms
The UK accounting regulator has discovered examples of exam cheating at audit firms after scandals in the US, Canada and Australia prompted it to probe the possibility of similar misconduct in Britain, according to the Financial Times. The Financial Reporting Council said it wrote to the UK’s accounting professional bodies…
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22 DecemberAudit
FRC fines Deloitte £1.25m for SIG plc 2015/16 audit
The Financial Reporting Council (FRC) has issued a financial sanction of £1.25m on Deloitte in relation to the statutory audit of the financial statements of the construction company SIG pls for the financial years ended 31 December 2015 and 31 December 2016. The council also issued a £50k financial sanction…
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21 DecemberBig Four
FRC fines KPMG £14.4m over Carillion audit
The Financial Reporting Council (FRC) has revealed it has fined KPMG £14.4m after it provided “false and misleading” information and documents to the regulator in connection with its Audit Quality Reviews of two Carillion audits carried out by KPMG. An independent Disciplinary Tribunal made the findings of Misconduct following a…
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20 DecemberAudit
FTSE 100 fees paid to auditors surpass £1bn in 2021/22
Fees paid by FTSE 100 companies to audit firms have reached over £1bn for the first time this financial year, from £975.38m last year, according to new research by Thomas Reuters. It is reported that these companies’ audit fees increased 9% in the past year, from £798.7m in 2020/21 to…
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