Watchdog warns some firms lack expertise to write clear accounts October 17, 2013 THE FINANCIAL Reporting Council is worried that smaller listed firms do not have the resources to produce useful corporate reports. The watchdog also said yesterday that only a few boards at big companies have cut out unnecessary clutter from their filings, making it difficult for investors to get a clear picture of the firm’s performance. [...]
Auditors told to reveal more about risks threatening firms November 6, 2013 COMPANIES and auditors should be clearer about the risks that could threaten the business when they report to investors, the accounting watchdog said yesterday. The Financial Reporting Council want firms to say more than just whether they can function for the next 12 months as a “going concern”. Auditors will continue to sign off a [...]
UBS to combine currency, rates and credit trading into new unit November 28, 2013 SWISS bank UBS has reorganised part of its investment bank to put its currency, interest rates and credit trading businesses into one unit, amid a growing European investigation into potential manipulation of currency markets. A memo sent by the bank last week said a new FRC (FX, rates, credit) unit will be run by Chris [...]
Boardroom pay rules are set for fresh shake-up October 2, 2013 THE FINANCIAL Reporting Council is weighing up a change to the rules governing boardroom pay, which could see executives banned from sitting on remuneration panels at other companies. The watchdog’s consultation was launched a day after new laws came into effect giving investors the right to a binding vote on executive pay. The FRC will [...]
Regulator fines Deloitte £14m over MG Rover fiasco September 9, 2013 Regulators have issued Deloitte a £14m fine and a severe reprimand for matters relating to their role as advisers to MG Rover during its collapse in 2005 (release). The accountancy firm advised four of Rover's directors – the Phoenix Four – who had taken over the company for £10m five years before its collapse. Mr [...]
Accountancy regulator to probe PwC audit of Berkeley last year September 16, 2013 THE UK accounting watchdog said yesterday it has opened an investigation into whether PwC was acting independently when it checked the books of UK house builder Berkeley Group. The Financial Reporting Council (FRC) said that the probe would look at PwC’s audit of Berkeley’s financial statements for the year ended 30 April 2012, as a [...]
Britain backs global accounting rules despite investor concerns October 3, 2013 BRITAIN still believes a specific reference to “prudence” would improve international accounting standards, but reasserted yesterday the rules as they stand are legally binding, hoping to end any uncertainty over the matter. Rules on how companies are audited, drawn up by the International Accounting Standards Board (IASB), are mandatory in Britain and elsewhere in the [...]
City Moves for 15 November 2013 | Who’s switching jobs November 14, 2013 Sullivan & Worcester The law firm has announced the hire of Mark Norris as a finance partner in its London office. He was most recently at Squire Sanders, where he was a banking and finance partner. Norris has previously held various roles at Simmons & Simmons and Clifford Chance. PwC Michael Spiteri has joined the professional services [...]
Regulator launches investigation into PwC audit of Berkeley September 16, 2013 Regulators have announced the launch of an investigation into auditor PricewaterhouseCoopers (PwC) (release). The Financial Reporting Council is looking into PwC's audit of Berkeley. The Financial Reporting Council (FRC) has launched an investigation under the Accountancy Scheme into whether PricewaterhouseCoopers LLP was independent when it conducted the audit of The Berkeley Group Holdings plc’s financial [...]
Second probe for Grant Thornton August 7, 2013 The accounting watchdog has launched its second investigation in as many days into Grant Thornton. The Financial Reporting Council (FRC) said it was investigating how Grant Thornton audited and accounted for interest rate swap arrangements in Manchester Building Society’s accounts, prompting a financial adjustment last year. The FRC on Tuesday announced an investigation into the [...]