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 committee has a statutory duty to carry out reviews of the company reports and accounts to ensure they are […]
Read MoreFTSE 100 companies paid more out in dividends to shareholders last year than the combined pension deficit figure according to the annual Accounting for Pensions report produced by pensions advisers Lane, Clark Peacock (LCP). The survey found that the combined pension deficit of the 56 companies in the FTSE 100 that disclosed a deficit at their […]
Read MoreThe UK’s Financial Reporting Council (FRC) has revised the audit firm governance code aiming to improve its visibility, relevance to investors and increase its alignment to the UK’s corporate provenance code. This follows a review carried out into the implementation of the original 2010 code between 2014-2015 and a consultation into the draft revised code published last December. […]
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Understanding the value of a company’s workforce is important for investors, and companies should improve their reporting on this and be able to link this reporting to their wider company strategy and business model, according to the Pensions and Lifetime Savings Association (PLSA). The PLSA has produced a stewardship toolkit , Understanding the Worth of the Workforce, […]
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Confidence in the quality of auditing is improving according to the UK’s Financial Reporting Council, however there remains concerns about the level of concentration in the market which is dominated by four major firms. The overview of auditing report is the first since becoming the country’s Competent Authority for audit under EU rules. Two years ago, the FRC said […]
Read MoreThe UK’s Financial Reporting Council (FRC) has launched two separate audit investigations,one into KPMG’s audit of HBOS in 2007 and secondly PricewaterhouseCoopers audit of BHS in 2014 – under its accountancy scheme which it allows it to take disciplinary action against members of the profession. The investigation into KPMG has been instituted by the FRC’s conduct committee […]
Read MoreAround a third (30%) of FTSE 100 companies are withholding relevant information from their annual reports and painting an inaccurate picture of opportunity and risk, according to a research report from the Valuing Your Talent partnership which includes The Chartered Institute of Management Accountants (CIMA), the CIPD, the professional body for HR and people development, and the […]
Read MoreRoyal Dutch Shell experienced a relatively modest level of investor opposition to its executive remuneration report at its recent AGM with a 14% vote against, this follows the rival oil company BP’s loss of its pay vote last month. However, Manifest data shows it is the highest level of opposition Shell has received in the past six years – […]
Read MoreThe US Public Company Accounting Oversight Board (PCAOB) has announced that its rules to improve the transparency of the audit by disclosing the names of audit engagement partners, as well as information about other firms that participate in the audits, were approved by the Securities and Exchange Commission. Audit firms are required to file with the PCAOB […]
Read More…as the UK’s Financial Reporting Council finalises auditor rules The Financial Reporting Council (FRC) has published final drafts of the latest UK corporate governance code and the associated guidance on audit committees so they will meet the requirements of forthcoming legislation on audit committees and auditor appointments. This forms part of the UK’s implementation of the EU’s […]
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