audit Archives

Shell audit conflict raises eyebrows at Standard Life

…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 …

Better audits need broader skills finds report

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 …

UK’s FRC consults on new audit enforcement regime

With 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 …

Druckman to step down as chief executive of the IIRC

Paul 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 …

UK parliamentary scrutiny of Google tax deal

Global 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…

SEC fines Monsanto $80million for accounting violations

The 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 …

31 countries agree to share tax data as Google comes under fire for its deal in the UK

An 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 …

FRC reviews KPMG’s audit of HBOS

The 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 Reporting Council consults on Board Succession and Audit Firm Code

The Financial Reporting Council (FRC) has issued two consultations as part of its ramped up efforts to implement the EU Audit Regulation and Directive regime and strengthen investor confidence in governance.

Board Succession Planning

Following its October discussion paper UK …

UK Governance Code Moves On

After what has probably been the most exhausting proxy season for investors and issuers alike, the regulatory momentum shows no sign of easing. The new UK Corporate Governance Code goes live for all companies reporting to shareholders on or after …