FRC

5 April 2020

Can anyone use the designation ‘Chartered Accountant’?

It may come as a surprise to learn that anyone can use the title accountant without having any formal qualification or membership of a professional body. The use of the term ‘Chartered Accountant’ is more controversial.  We examine the nuances of these designations in the current regulatory regime, when they can be used and what consequences an individual may face for any perceived misuse.

Sian Jones

23 March 2020

COVID-19 economic chaos – how can audit deadlines still be met?

We are living in unprecedented times.  Boris Johnson’s announcements each day, whilst aimed at slowing the growth of the global pandemic which is COVID-19 (Coronavirus), will undoubtedly have a drastic effect on businesses in all sectors.

Julie Matheson

18 December 2019

Is the FRC considering whether Sarbanes-Oxley should cross the waters?

The general election is now over, and Parliament has more time to deal with matters other than Brexit. The spotlight has therefore returned to corporate governance, with The Sunday Times reporting that the FRC is developing a “British version of Sarbanes-Oxley”. It reported that this would “heap more responsibility on to directors, asking them to vouch regularly for the integrity of their financial controls and – if passed into law in the UK – opening the possibility of criminal proceedings against chief executives and finance directors for reporting misleading statements to the market.”

Christina Orthodoxou

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

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