FRC: Expectations and standards ‘still apply’

Can the FRC rescue its reputation? It has become one of the most disparaged – and lampooned – regulatory institutions of this century. The Financial Reporting Council’s (FRC) oversight of the audit profession has been dubbed everything from ramshackle to timid, to lacking in any real pace or direction. The poor auditing practices of the […]

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The Fourth - Deloitte

Big Four fail in one in five audits The world’s four biggest accounting firms have been exposed for botching at least 20% of their audits following an inspection by the Public Company Accounting Oversight Board (PCAOB). In the most recent annual inspections of the Big Four, inspectors discovered Deloitte botched 20% of audits examined, PricewaterhouseCoopers […]

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The government investigator charged with examining the collapse of the three Icelandic banks, Ólafur Þór Hauksson, has confirmed that 22 policemen and six French and Norwegian accountants have raided the offices of KPMG and PricewaterhouseCoopers (PwC) in Reykjavik, seizing documents and computer data as part of an investigation into alleged criminal activity. Although the targets are the […]

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UK companies risk falling foul of anti-bribery and corruption rules, according to a new report by KPMG Forensic. Two thirds of companies believe that there are countries in the world where it is not possible to do business without being involved in bribery and corruption, and yet only a third (35%) say they have stopped […]

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Nine out of ten audit committee members say that the recession has increased the risk of earnings management and other misconduct – and yet fraud risk was the issue committees felt they were least effective at overseeing. Research by KPMG’s Audit Committee Institute amongst 1,000 audit committee members in 25 countries has found that the economic downturn […]

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