Royal 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 […]
Read MoreChanges 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 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 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 […]
Read MoreThe 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 Board Succession Planning -the FRC is now seeking input and feedback on how to achieve diverse […]
Read MoreThe Australian Securities and Investment Commission this week announced it intended bringing civil charges against the enitre 2007 board and a former Chief Financial Officer of various entities withing the Centro Properties Group and Centro Retail Group. This is the first case brought where the requirement that a listed entity’s CEO and CFO declare in […]
Read MoreThe UK’s Financial Reporting Council (FRC) has warned against companies signing up for “bundled audits” pending completion of a review into the ethical questions surrounding their use. As we reported in August, the downturn has encouraged the development of a new type of audit which blends internal and external audit. Rentokil claims to have achieved a […]
Read MoreThe FRC has published its Fourth Progress Report on the implementation of the MPG recommendations on promoting choice in the UK audit market. In October 2007, the MPG published 15 recommendations intended to allow the audit market to work more efficiently and, in the medium‐to‐long‐term, to have a positive impact on audit choice in the […]
Read More