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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Mar- 2019 -28 MarchRegulators
Cost of FRC set to increase
The Financial Reporting Council (FRC) has announced it may increase its budget by 11% to £38.1m, compared to its expected 2018/19 outturn of £34.4m. Laid out it in its draft Plan and Budget 2019/20, the planned increase in 2019/20 will fund an expansion of its audit quality reviews, audit firm…
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19 MarchRegulators
FRC audit chief resigns
Mike Suffield, the acting executive director of the Financial Reporting Council (FRC), will step down from his role to join the Association of Chartered Certified Accountants (ACCA) this August. The news comes after the government revealed its intentions to dissolve the current regulator and replace it with a new regulator…
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11 MarchAccounting Standards
Financial Reporting Council to be replaced with new regulator
The Business Secretary Greg Clark today (11 March) announced a “new enhanced” regulator to transform the audit and accounting sector in response to an independent review led by British mathematician Sir John Kingman. Following recommendations from the review, the Financial Reporting Council (FRC) will be replaced with a new regulator…
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4 MarchAudit
Auditors told to be stricter with going concern scrutiny
The Financial Reporting Council (FRC) has proposed to increase the work required of auditors when assessing whether a business is a ‘going concern’. The consultation on revisions to International Standard on Auditing Going Concern follows industry-wide worries regarding the audit of well publicised corporate failures where the auditor’s report failed…
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Feb- 2019 -25 FebruaryAccounting Firms
KPMG faces £4m fine over Co-op Bank audit
KPMG is set to face a £4m fine from the Financial Reporting Council (FRC) over its auditing of the Co-operative Bank in 2009. The fine comes following a five year probe from the FRC, which Bill Michael, KPMG’s UK chairman, has focused on resolving. According to Sky News, an announcement…
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