South Africa: Investors ready to oppose auditor re-appointments

South African auditor reappointments

Since announcing in June that a new mandatory auditor rotation rule would be introduced in 2023 South Africa’s Independent Regulatory Board for Auditors (IRBA) has surveyed the proxy voting results in respect of auditor re-appointments this year.

The IRBA said …

IBE paper: Ethical approach to financial reporting required

ethical financial reporting

Company boards, particularly the non-executive director members, need to ensure they take an ethical and value-led approach to financial reporting according to the latest paper from the UK’s Institute of Business Ethics.

The author of the report Guy Jubb, former …

FRC recognises improvements in audit quality

FRC Financial Reporting Council non-financial reporting

The quality of auditing of larger companies has improved after targeted work by the Financial Reporting Council (FRC) the regulator said. The FRC said the leadership of audit firms’ focus on, and investment in, improving audit quality, together with promoting …

UK’s FRC: More work is needed to improve audit quality for all companies

FRC Financial Reporting Council non-financial reporting

The quality of audits of FTSE 350 companies in the UK has steadily improved over recent years, according to the latest audit reviews undertaken by the country’s regulator, the Financial Reporting Council (FRC), however more work is needed to ensure …

BT accounting fraud: new controls and clawbacks expected

BT: Accounting irregularities revealed in Italian operation

Communications company BT has admitted improper accounting practices at its Italian subsidiary which resulted in overstated earnings over several years. BT is now conducting a broader review of financial processes, systems and controls across the company. BT’s remuneration committee will …

IOSCO pushes on international accounting standards and benchmarks

ioscologo

The International Organization  of Securities Commissions (IOSCO), which represents global financial regulators, has published a statement on implementation of new accounting standards related to revenue, financial instruments, and leases.

The three new International Financial Reporting (IFRS) Standards, issued by …

CFA-UK calls for better company reports

New research from the CFA-UK, the membership association of financial analysts, highlights aspects of financial reporting in annual reports which investors feel need to be improved.

CFA-UK members were asked to rank the sections of annual reports by their …

UK’s FRC targets thematic reviews to improve reporting and audit

The UK’s Financial Reporting Council (FRC) has announced that in 2017 it will carry out a number of targeted thematic reviews of company reporting and audit on issues it knows to be of shareholder interest and where weaknesses have been …

Sports Direct 2016 accounts to be investigated

Sports Direct AGM

The Financial Reporting Council (FRC) has commenced an investigation into retailer Sports Direct’s accounts following reports earlier this year that there was an arrangement between Sports Direct and Barlin Delivery which was not disclosed as a related party in the …

Australian proxy voting season: Shareholders show their muscle

Shareholders of Australian companies are showing their muscle in this year’s proxy season with significant opposition votes over the governance of retailer Harvey Norman and a rejection of executive pay at the Commonwealth Bank of Australia.

The Australian Shareholders