Tag Archives: UK
IQAB Talks with ICAEW and SAICA
SHARE: The NASBA/AICPA International Qualifications Appraisal Board (IQAB) is continuing to work on the development of mutual recognition agreements (MRA) with the Institute of Chartered Accountants of England and Wales, and the South African Institute of Chartered Accountants – but have not yet reached final agreements. Negotiations are continuing as differences between the systems for…
UK Accountants Face Brexit and ARGA
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…
CMA Report on UK Audit Released
SHARE: In its April final report on the “statutory audit services market,” the United Kingdom’s Competition & Markets Authority (CMA) offers four main recommendations, plus a few others for the new regulator to consider. These come a month after UK Business Secretary Greg Clark announced the Financial Reporting Council (FRC), which oversees the accounting profession,…
UK Profession Facing Criticism
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…