Tag: Financial Reporting Council
Evidence builds for introduction of new audit committee standards
Financial Reporting Council says new report “lends weight to proposals for reforms in the audit sector”, including new standards for committees.
Watchdog’s ire provoked by ‘vague’ purpose statements
Research by the FRC finds 62% of companies cannot articulate connections between their purpose, values and strategy.
UK companies ‘need to go further’ on LGBTQ+ inclusion
Financial Reporting Council CEO Sir Jon Thompson says companies should be “actively championing” career progression for LGBTQ+ people.
FRC says climate disclosures are ‘failing to meet investor expectations’
Review by the UK regulator finds there is “little evidence” that business models and strategy are being influenced by climate considerations.
FRC issues further warning over Covid and corporate reporting
The watchdog is maintaining pressure on companies to be transparent in reporting the impact of the pandemic on their prospects.
FRC proposes ‘public interest report’ to highlight stakeholder issues
The UK watchdog calls for a “more agile approach” to corporate disclosures, with separate business, finances and public interest reports.
LGIM says it’s ‘time for action’ to boost ethnic diversity on boards
Fund manager warns FTSE 100 nomco chairs that it will vote against reappointments “if they fail to meet expectations on ethnic diversity”.
ICAEW report reveals a quarter of non-PIE audits require improvement
Problems cited include “insufficient scepticism and challenge of management”, poor documentation and failure to test management forecasts.
Covid-19: FRC urges companies to provide ‘more extensive disclosures’
The UK regulator says investors expect detailed reporting on the financial impact of Covid-19, while experts point to the risk of firms “burying bad news”.
FRC scrutiny of audit quality reveals “unacceptable” level of issues
The Financial Reporting Council looked at 88 audits conducted by a number of firms and found that 33% needed “more than limited improvements”.