Tag: financial reporting
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 urges ‘clear and timely’ disclosures on company prospects
UK financial watchdog issues further guidance on making financial disclosures reflecting the impact of the Covid-19 pandemic.
FRC urges companies to provide ‘full disclosure’ of survival prospects
The UK financial watchdog warns that reporting should reflect the impact of Covid-19—under different scenarios—on liquidity, viability and solvency.
‘Going concern’ regulation puts firms and auditors under the microscope
New standard ISA UK 570 requires auditors to challenge management’s assessment of going concern more robustly—and firms to be as transparent as possible amid current uncertainty.
Brydon review: ‘true and fair’ must go while fraud becomes auditor responsibility
Other proposals include audit committee chairs being grilled at AGMs and a new statement of purpose to cement auditors’ public interest role.
FRC is ‘working on a UK version of Sarbanes–Oxley’
One of the Kingman review’s key recommendations for reforming audit was a version of US Sarbox rules, a proposal supported by many audit committee chairs.
UK to replace governance watchdog with new regulator
The Financial Reporting Council is to come to an end as a government report recommends replacing it with a new body—the Audit, Reporting and Governance Authority.
KPMG fined over audit work at Quindell
KPMG has been fined more than £3m and reprimanded for its audit work at insurance outsourcer Quindell.
Former FDs at Carillion face probe over financial statements
Former group finance directors at Carillion are under investigation for financial statements between 2014-2017.
ICGN calls for inclusion of buy-backs in governance code
The ICGN’s policy director has called for the inclusion of share buy-backs in the UK’s corporate governance code, which the government is currently reviewing.