FRC

21 December 2018

CMA and Kingman confirm sea-change for the audit sector

In November of this year we blogged on the Financial Reporting Council’s (‘FRC’) recently published report ‘Developments in Audit’ and highlighted that the FRC’s review was running in parallel with the Competition and Markets Authority (‘CMA’) review of the sector. As we reported, such extensive review has been triggered following the high-profile collapses of companies such as Carillion and BHS.

Charlotte Judd

5 November 2018

FRC strategic review 2018: Developments in Audit

The high profile collapses of companies such as Carillion and BHS have reignited the debate about the effectiveness of statutory audit. In the FRC’s recently published report, Developments in Audit, the FRC grapples, not for the first time, with how to ensure that audit properly serves the public interest. Auditors can expect some pretty radical changes.

Julie Norris

18 June 2018

FRC fines - more of an issue for audit firms than the threat of civil litigation?

Earlier last week, the Financial Reporting Council (FRC) announced that it had sanctioned PriceWaterhouseCoopers (PwC), and its audit partner Steve Denison, in relation to the 2014 audits of BHS and the Taveta Group (Taveta), following an investigation under the FRC’s Accountancy Scheme.

Julie Matheson

20 June 2017

Accountant’s participation in a charity tax avoidance scheme leads to a 10 year ban by the Financial Reporting Council

The Financial Reporting Council (FRC) has banned and fined an ICAEW member for his role in a £46m tax avoidance scheme involving the Cup Trust.  Mr Mehigan, who was a director of the corporate trustee of the charity, has been excluded from membership of ICAEW for 10 years. 

Jenny Higgins

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