Stephen Haddrill steps down as FRC audit watchdog boss amid probe November 2, 2018 Stephen Haddrill, chief executive of the Financial Reporting Council (FRC), is stepping down amid a government probe into the watchdog’s operations. Haddrill has led the FRC, which monitors and regulates the audit sector, since 2009. The news comes in the wake of mounting pressure on the FRC, which has come under examination following several recent scandals within the UK’s [...]
Why Legal & General is trying to slay the chair and CEO role February 4, 2020 Blackrock’s Larry Fink is a big fan of using shareholder muscle to influence corporate culture. From climate change to “profit with purpose” he’s vowed to exercise his fund’s substantial clout in pursuit of “sound corporate governance” and “an unwavering focus on long-term sustainability”. Fink’s eyebrows may have risen a little, then, upon discovering that fellow [...]
Watchdog goes green with new stewardship code October 24, 2019 Fund managers have been called upon to think green by a new code that calls for investment firms to focus on “sustainable benefits for the economy, the environment and society”. Climate change has appeared as a key governance concern in the Financial Reporting Council (FRC) framework for the first time, as the watchdog tries to [...]
Auditors slapped with rising fines after turbulent year October 14, 2019 Britain’s beancounters faced rising fines over the last year, as the industry’s watchdog upped its penalties following a series of major accountancy scandals. The Financial Reporting Council (FRC) fined audit firms roughly £24.3m in the year to the end of September, rising 44 per cent on the previous year, according to new Thomson Reuters research. [...]
Coronavirus: Thousands of UK pubs and restaurants at risk of collapse March 30, 2020 Thousands of UK pubs and restaurants could collapse due to coronavirus, as the latest research showed that insolvencies in the sector spiked before the outbreak. The number of restaurant and pub insolvencies jumped 10 per cent last year to 1,452 and 526 respectively, highlighting the weak state of the UK’s leisure sector before the pandemic. [...]
Government faces calls for reform as data shows dominance of Big Four audit firms October 29, 2019 Data published yesterday by the audit watchdog showed that the Big Four accounting firms increased their market share of the UK audit market in 2018. The lack of competition in the sector has come under the microscope following scandals such as the failures of outsourcer Carillion and department store BHS which both received clean bills [...]
Audit watchdog calls for better risk forecasts to improve public trust in business October 30, 2019 The audit watchdog today called for firms to provide more information on strategic risks to help improve public trust in business. High-profile failures like travel agent Thomas Cook and outsourcer Carillion have led to fingers pointed at companies and their auditors with questions raised over why risks were not set out in the company’s accounts. [...]
Five key takeaways from the FRC’s audit sector report October 8, 2018 The Financial Reporting Council (FRC), the audit sector’s watchdog, released its annual Developments in Audit report yesterday, outlining key challenges faced in the sector and assessing the current state of the profession. Audit is under close scrutiny at the moment, as politicians and regulators look closely at the dominance of the Big Four audit firms Deloitte, [...]
Accountancy sector lagging behind business on diversity says watchdog October 21, 2019 The accountancy and audit profession is lagging behind business when it comes to the diversity of senior management, new research showed today. A report by audit watchdog the Financial Reporting Council (FRC) found a massive drop off between women at manager level and partner level at accountancy firms. Read more: Auditors slapped with rising fines [...]
Coronavirus: FTSE firms get an extra two months to publish results March 26, 2020 The Financial Conduct Authority (FCA) today said listed companies could have an extra two months to publish their financial results. In a joint statement with audit regulator the Financial Reporting Council (FRC) and the Bank of England’s Prudential Regulation Authority (PRA), the FCA said: “Companies and their auditors currently face unprecedented challenges in preparing and [...]