Tag Archives: FRC

SHARE: “Auditors have a responsibility to properly challenge management to assess and report the impact of climate change on their business,” the United Kingdom’s Financial Reporting Council CEO Sir Jon Thompson announced as the FRC has called for a major review of how companies and auditors are meeting requirements in this area. The FRC intends…

SHARE: As work continues to transition the United Kingdom’s Financial Reporting Council (FRC) into the new Audit, Reporting and Governance Authority (ARGA), the FRC presented its Annual Report to Parliament on September 5, 2019. Its report contains many informative sections including the final reports from Chairman Winfried Bischoff and Chief Executive Officer Stephen Haddrill, and…

SHARE: The British accounting profession not only is facing Brexit, but also a reconfiguration of its regulator. UK accountants who practice in European Economic Area (EEA) countries are being warned that without a Brexit deal they will need to contact the “competent authority” in that country to see if their UK qualifications will continue to…

SHARE: Robo-accounting technical advisors might be showing up by 2034, a new report from the Financial Reporting Council’s Financial Reporting Lab projects. The January 2019 report entitled “Artificial Intelligence and Corporate Reporting: How Does it Measure Up?” explains, ”If [accounting] standards themselves were made machine readable, ML [machine learning] and NLP [natural language processing] could…

SHARE: The UK’s Financial Reporting Council’s (FRC) audit inspection results have shown a “fall in quality” of the largest accounting firms with only 72 percent requiring no more than limited improvements, while in the previous year 78 percent needed no more than limited improvements. The FRC is calling on the UK firms to take action…

SHARE: The United Kingdom’s Financial Reporting Council (FRC), the competent authority for audit in the UK, in an effort to improve audit quality has performed a “thematic review” to compare, and provide transparency to, actions at different firms in relation to a particular topic. The report on their review of “audit culture” was released in…

SHARE: As of June 1, the United Kingdom’s Financial Reporting Council (FRC) will be applying an updated sanctions policy for audit firms based on the recommendations from an independent review. That panel had drawn on the Public Company Accounting Oversight Board’s experience in imposing combined financial and non-financial penalties. Included in the adopted recommendations are:…