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 Finance director

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 …

Tense Australian proxy voting season

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

UK lays out post-Brexit #corpgov strategy

brexit-flags It is important for the UK to continue to retain its reputation across the globe for the trustworthiness of corporate reports and for audit quality which attracts investment, Sir Win Bischoff, the Financial Reporting Council’s (FRC) chairman said at the …

How should annual reports be reviewed? FRC consults on new procedures

The UK’s Financial Reporting Council (FRC) is consulting on its conduct committee’s operating procedures for reviewing company reports and accounts.

The conduct committee is a committee of the FRC Board established under the Articles of Association. The …