Hong Kong

Hong Kong’s Financial Reporting Council (FRC) has welcomed the governments plans to strengthen auditor oversight in Hong Kong. The Financial Reporting Council (Amendment) Bill 2018, will be introduced into the Legislative Council of Hong Kong for its first reading next week (24th January). Under the proposed amendments, the FRC will become Hong Kong’s independent auditor […]

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Proxy plumbing gets Securities Exchange Commission scrutiny

The US Securities and Exchange Commission (SEC) has appointed a new chairman and replaced all the members of the Public Company Accounting Oversight Board (PCAOB). The SEC appointed William Duhnke as chairman replacing Jim Doty along with  J. Robert Brown, Kathleen Hamm, James Kaiser, and Duane DesParte who replaced Steve Harris, Lew Ferguson and Jeanette Franzel. The PCAOB was […]

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MPs

The UK’s Financial Reporting Council (FRC) is looking to improve audit committee reporting in respect of company disclosures in annual reports and how auditors report information to audit committees, Melanie McLaren, executive director, audit and actuarial regulation division said in her speech at the regulator’s recent Developments in Audit conference. She said the FRC had launched a pilot project […]

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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 that it had found a visible trend towards voting against the reappointment of auditors. Of […]

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Toshiba auditors

Japanese company, Toshiba, which has been restructuring after admitting accounting failures in 2015 has published its annual report for 2016 after receiving a qualified opinion from its auditor, PWC Arata, which meant the firm avoided being delisted from the Tokyo Stock Exchange. Toshiba stated that the auditor gave its qualified opinion because it said it […]

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UK corporate 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 a culture of continuous improvement, is beginning to pay off. In the audit regulator’s second annual Developments in […]

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UK corporate 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 improvements of audits of smaller companies. The FRC found that 81% of FTSE 350 audits reviewed […]

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The Financial Reporting Council (FRC) has commenced an investigation under its audit enforcement procedure into the conduct of KPMG, in relation to its audit of Rolls-Royce’s financial statements from 2010 to 2013. The FRC’s investigation follows an announcement in January that a Deferred Prosecution Agreement (DPA) had been reached between the Serious Fraud Office (SFO) and the engineering company. […]

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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 company’s 2016 financial statements. Barlin Delivery is managed by John Ashley, brother of Sports Direct founder, […]

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The 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 […]

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