Changes may be needed to ensure audit teams have the right skills in the future and there needs to be an open and constructive debate on the future of audit findings from two international studies produced for the UK’s Financial Reporting Council and ICAS show. ICAS and the FRC commissioned the research in 2013 and this […]
Read MoreThe Task Force on Climate-related Financial Disclosures set up by the Financial Standards Board has outlined the principles and objectives for its work. In its first report the Task Force said that despite a range of initiatives the existing climate-related disclosure remained fragmented and incomplete and there was only a limited number of reporting regimes focusing on […]
Read MoreWith the EU’s audit regulation and audit directive coming into force in June the UK’s Financial Reporting Council (FRC) is consulting on its new audit enforcement procedure for audits of Public Interest Entities (PIE) – which include listed companies, credit institutions and insurance undertakings. The FRC has developed its new audit enforcement procedure in order to fulfill its role […]
Read MorePaul Druckman, chief executive of the International Integrated Reporting Council (IIRC), will step down this year, although the exact date for his departure will be dependent on the appointment of his successor. The IIRC said that Druckman would continue to lead on its programme for 2016, including its work as a member of the B20 SME Development Task Force and […]
Read MoreGlobal technology Google continues to be in the spotlight over its £130m tax deal with the UK authorities. The UK parliament’s Public Accounts Committee, which first looked into the issue of corporate tax deals in 2012, has held a session questioning both Matt Brittin, president of Google Europe, Middle East and Africa and Tom Hutchinson, VP Finance, Google […]
Read MoreFollowing Manifest’s analysis of the extent of illegal dividends paid by UK listed companies [22-Jan-16] the Institute of Chartered Secretaries & Administrators (ICSA) the Financial Reporting Council have issued bulletins to remind companies of their legal responsibilities. Jennifer Walmsley, the FRC’s director of investor engagement, writing on Linked-In, drew attention to the Reporting Lab’s report “Disclosure […]
Read MoreThe US financial regulator, the Securities and Exchange Commission (SEC), has fined global agri-business firm Monsanto $80 million for violating accounting rules and misstating company earnings in relation to its flagship product Roundup. The company has also agreed to retain an independent compliance consultant in its settlement with the SEC. Three accounting and sales executives have also agreed […]
Read MoreWhile US directors say that reputational risk is one of their greatest concerns board members are taking little action to manage risks once they have been identified, according to the sixth Concerns About Risks Confronting Boards survey conducted by US accounting firm EisnerAmper. The report’s authors said that there was a broad trend of boards that identify risk […]
Read MoreAn agreement has been reached between 31 countries for the automatic exchange of information on the taxes paid by, and the economic activity of, multinational businesses. This increase in transparency between countries should help tax authorities understand if multinationals are actually paying what is considered a fair rate of tax in the countries where they do business […]
Read MoreThe UK’s accounting regulator, the Financial Reporting Council (FRC), is to consider whether the accountancy firm, KPMG, or any individuals require further investigation following a review of the report, published last November by the Prudential Regulatory Authority and the Financial Conduct Authority, into the failure of HBOS plc. Following a review of the report by the […]
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