Search Results for: Financial Reporting Council
‘Big Four’ audit firms never examined over illegal tax plans
January 18th, 2016
Regulators fail to act as they are dominated by the companies they are supposed to police, say critics Audit and accountancy firms who devise tax-avoidance schemes ruled unlawful have never faced official reprimand, The Independent can reveal. None of the so-called ...
Investigation announced in respect of Grant Thornton’s audits of Globo plc
December 21st, 2015
The Financial Reporting Council (FRC) has launched an investigation under the Accountancy Scheme into Grant Thornton UK LLP’s audits of the consolidated financial statements of Globo Plc for the years ended 31 December 2013 and 31 December 2014. 1. ...
KPMG in hot water over HBOS collapse
December 16th, 2015
The “big four” auditing firm KPMG has found itself under renewed pressure over its role in signing off HBOS’s books in the years before the bank collapsed. The Bank of England/Financial Conduct Authority report did not specifically evaluate KPMG’s ...
MP calls for FRC accounting body to investigate KPMG over HBOS
December 14th, 2015
Britain’s accounting standards watchdog has made a “serious mistake” in refusing to open a formal investigation into accountancy firm KPMG over the way it checked the books of HBOS bank before it collapsed, a senior UK lawmaker said on ...
FRC calls for transparent disclosure of tax risks in corporate reports
December 1st, 2015
The Financial Reporting Council (FRC) will conduct a thematic review of companies’ tax reporting to encourage more transparent recording of the relationship between the tax charges and accounting profit. The required disclosures are key to helping users understand the ...
FRC has called on the IASB to reconsider its proposed Conceptual Framework
November 26th, 2015
The Financial Reporting Council (FRC) has called on the IASB to reconsider its proposed Conceptual Framework so that it properly reflects the importance of stewardship, prudence and reliability, which it describes as cornerstones of the Framework. The FRC’s comments ...
Formal Complaints against Mr Stephen Harrison and PwC, and Mr Stephen Hill and David Wells relating to Connaught plc
October 13th, 2015
The Financial Reporting Council’s Executive Counsel has delivered two disciplinary Formal Complaints in connection with the conduct of: Stephen Harrison (PwC’s Senior Statutory Auditor and Audit Engagement Partner) and PwC in relation to the audit of the financial statements ...
Update on the implementation of the EU Audit Directive and Regulation
September 1st, 2015
The Department of Business Innovation and Skills has published an update on the implementation of the EU Audit Directive and Regulation: “Following Baroness Neville-Rolfe’s Written Ministerial Statement of 20 July 2015, which named the Financial Reporting Council (FRC) as the ...
KPMG facing probe as Quindell restates accounts
August 10th, 2015
KPMG is facing an investigation by the accounting watchdog over its work auditing the accounts of troubled AIM-listed insurer Quindell. The Financial Reporting Council inquiry was confirmed hours after Quindell revealed it had plunged to a £68m loss last year ...
Outcome of disciplinary case against Grant Thornton UK LLP, Alastair Nuttall and Marcus Swales
July 9th, 2015
The Financial Reporting Council (FRC) announces the outcome of the disciplinary case in connection with Grant Thornton UK LLP (Grant Thornton), Alastair Nuttall and Marcus Swales, Audit Engagement Partners in relation to Manchester Building Society. Settlements agreed amongst the ...
