Covid-19, coronavirus, hits markets

21 July, 2020

Covid-19: FRC urges companies to provide ‘more extensive disclosures’

The campaign for companies to fully report the impact of Covid-19 on their performance continues. A report from the Financial Reporting Council (FRC) published this week sees the regulator “remindin...
financial disclosures during covid pandemic

17 June, 2020

FRC urges ‘clear and timely’ disclosures on company prospects

UK corporates facing a significant recession have been warned their financial disclosures must fully recognise the risks to their survival. Investors expect painful transparency for company prospects,...
Covid-19, coronavirus, hits markets

22 May, 2020

FRC urges companies to provide ‘full disclosure’ of survival prospects

UK companies are under notice to be transparent about their prospects for survival as a result of the Covid-19 crisis. The warning comes from the
auditor

22 April, 2020

‘Going concern’ regulation puts firms and auditors under the microscope

"A clean bill of health"—the much sought-after words for billions of people around the world during the coronavirus pandemic. Throughout these unprecedented times, there has been and will continu...
Audit stamp, audit quality, auditor, Brydon review

19 December, 2019

Brydon review: ‘true and fair’ must go while fraud becomes auditor responsibility

The long-standing “true and fair view" principle at the heart of accounting and auditing in the UK and many other jurisdictions could be changed following the government-commissioned Brydon review o...
Sarbanes–Oxley, Sarbox

16 December, 2019

FRC is ‘working on a UK version of Sarbanes–Oxley’

In 2002, in the wake of the Enron and WorldCom scandals, US lawmakers introduced stringent rules handing chief executives and finance directors legal responsibility for internal controls and better re...
Greg Clark

18 December, 2018

UK to replace governance watchdog with new regulator

The UK is to scrap the country's governance, financial reporting and audit watchdog—the Financial Reporting Council (FRC)— and replace it with a brand new regulator. The
KPMG, audit, Big Four

12 June, 2018

KPMG fined over audit work at Quindell

The auditor of controversial insurance outsourcer Quindell has been fined more than £3m over its work with the client. KPMG was reprimanded and fined £4.5m (discounted for settlement at £3.15m),...
Carillion, FRC

20 March, 2018

Former FDs at Carillion face probe over financial statements

Two finance directors are to be investigated for their conduct in preparation of financial statements at the collapsed construction giant Carillion. Zafar Khan and Richard Adams, both former group ...
investment, shares, stocks, stock market

2 February, 2018

ICGN calls for inclusion of buy-backs in governance code

The UK Corporate Governance Code should address the use of share buy-backs, according to George Dallas, policy director of the International Corporate Governance Network (ICGN). A new revision of t...