Blog
Removal of trustees – factors a court will consider
Cally Brosnan
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.
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.
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.
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.
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.”