Blog
Removal of trustees – factors a court will consider
Cally Brosnan
20 October 2025
FRC Launches Consultation on New Routes to Resolution Under the Audit Enforcement Procedure
The Financial Reporting Council (FRC) has launched a consultation on proposed reforms to its Audit Enforcement Procedure (AEP), aiming to introduce greater flexibility and proportionality in how audit concerns are addressed. Since its inception, the AEP has faced criticism, particularly from mid-tier firms, for its limited adaptability to cases of varying complexity and seriousness. These concerns have been especially pronounced among firms encouraged by the FRC to enter the Public Interest Entity (PIE) audit market to foster competition.
17 November 2021
The FRC’s What Makes a Good Audit? report is timely as the audit regulatory landscape readies itself for change
The FRC has published a new paper aimed at audit firms and audit stakeholders containing best practice principles concerning how a good audit should be conducted and the elements indicative of a high performing audit practice.
5 August 2021
The FRC’s Annual Enforcement Review 2021: key trends and future concerns
The Financial Reporting Council (the ‘FRC’) has published its Annual Enforcement Review 2021 (the ‘review’). We highlight the key trends in relation to the Enforcement Division’s activities during the past year, observations in relation to the FRC’s adoption of constructive engagement as a means of early resolution of matters, trends regarding sanctions imposed by the FRC, and priority areas of concern identified by the FRC, which are likely to impact its enforcement work over the coming year.
1 March 2021
Audit reviews: the process, pitfalls and published themes – a focus on FRC Audit Quality Reviews
In the second blog of our audit series, Julie Matheson and Sarah Harris discuss the FRC’s recent Audit Quality Inspection report, describe how the FRC uses its powers to uphold audit quality and provide some tips on what to do if the FRC opines that one of your firm’s audits needs more than limited improvements.
16 July 2020
Audit reviews: the process, pitfalls and published themes
Audit is more in the spotlight than ever. The financial news pages seem to have a constant stream of stories about corporate collapses, with the inevitable commentary about how the auditor of the collapsed entity is likely to face a regulatory investigation.