FRC

11 August 2020

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.

Julie Matheson

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.

Julie Matheson

6 July 2020

The Financial Reporting Council announces its plans for the ‘Big Four’ to ring-fence their audit practices

Following a number of high-profile corporate collapses in the last few years, audit quality has been the  subject of intense regulatory focus.  In recent times, significant changes to audit regulation were proposed by Sir John Kingman; the CMA made recommendations around ‘operational split’; and, late last year, Sir Donald Brydon endorsed the CMA’s suggested approach in recommending the formation of a separate audit industry with its own governing principles.

Julie Matheson

25 June 2020

Who is responsible for assessing privilege in FRC cases: an auditor under investigation or the client to which the privilege relates?

Following the Court of Appeal decision in Sports Direct International Plc and The Financial Reporting Council [2020] EWCA Civ 177 (which we discussed here), a recent High Court decision provides further guidance on legal professional privilege and its application in Financial Reporting Council (FRC) proceedings.

Julie Matheson

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

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