Blog
The International Data Insights Report: Trends in international arbitration
Mark Fallmann
3 November 2020
The ICAEW’s new guidance on reporting misconduct: a wider net
In October the ICAEW updated its Guidance on the Duty to Report Misconduct. The ICAEW first issued Guidance on this topic way back in 1993. While amendments have been made since then to update references to legislation, bye-laws and guidance, this is the first wholesale re-issue. So what’s changed? The fundamental principle that it’s in the public interest to report matters which, if left unreported, could adversely affect the reputation of the profession, remains the same . However, there are some quite significant changes to the detail of what should be reported, reflecting a shift in attitudes since 1993 in the requirements and expectations of professionals. The new Guidance adds to this the need to report matters which, if left unreported, could adversely affect the reputation of the ICAEW, as the regulator.
7 October 2020
Audit reviews: the process, pitfalls and published themes – how to get the best outcome when faced with an adverse finding
In our blog series, we have dealt with how the accountancy regulators put their spotlight on audit quality, and how firms should prepare for an audit quality visit from their regulator to ensure that it goes as smoothly as possible.
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.
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.