Corporate governance

Audit / FRC publishes response to corporate governance reform proposals

The Financial Reporting Council (FRC) has released details of its response to the government’s green paper on corporate governance reforms, identifying the interests of stakeholders, executive remuneration, accountability of large private companies and effective enforcement as key areas of reform

Audit / Blockchain: game changer for audit?

Given its dubious black economy origins, initially there was widespread distrust of Blockchain among audit and accounting circles. But it could change audit radically if it is adopted by larger businesses and auditors are forced to review their technical capability, reports Calum Fuller

Audit / FRC confirms review of UK corporate governance code

A quarter of a century after it was first published, the Financial Reporting Council (FRC) has announced plans for a fundamental review of the UK corporate governance code, in response to its work on corporate culture and succession planning, and the government’s focus on overhauling corporate governance and business standards

Audit / Thomas Cook pay package flies into shareholder turbulence

FTSE 250 travel group Thomas Cook is the latest public company to come under fire from shareholders over its executive remuneration policy, with a third opposing a bonus plan for its CEO and a fifth rejecting its pay policy

Audit / EY’s Indonesian arm fined $1m over telecom audit failure

The US Public Company Accounting Oversight Board (PCAOB) has imposed a $1m (£800,000) civil penalty on EY’s network member in Indonesia for audit failure, non co-operation and violations of quality control standards

Audit / FRC to review sanctions and governance code

The Financial Reporting Council (FRC) is to consult on strengthening its sanctions and changes to the corporate governance code over the course of 2017, the regulator confirmed at its annual priorities meeting reports Calum Fuller

Audit / Woolf: arcane accounting rules encourage poor governance

Unchecked by strong regulation and government, ignorance and greed can become widespread while questionable and opaque accounting rules obfuscate the quality of reporting and auditors miss key issues, warns Emile Woolf FCA

Audit / McLaren: FRC’s vision for audit as the Competent Authority

As the Financial Reporting Council gears up as the overarching Competent Authority for audit oversight after the introduction of the EU Audit Regulations and Directive last year, Melanie McLaren, executive director for audit at the Financial Reporting Council (FRC) sets out the regulator's vision for the future of audit

Audit / IESBA consults on revised code of ethics for auditors

The International Ethics Standards Board for Accountants (IESBA) has released a three-art consultation on the final plans to restructure the Code of Ethics for Professional Accountants, setting out more robust ethics requirements for accountants with a view to finalising the Code by the end of the year

Accounting / FRC holds open meeting on 2017/18 priorities

The Financial Reporting Council (FRC) is holding its annual priorities meeting at the start of next month, to which stakeholders are invited to discuss the regulator’s focus of activity for 2017/18.

Accounting / MEPs reject incomplete anti money laundering blacklist

By a large majority, MEPs have voted to reject a European Commission proposal for a blacklist of states at risk of money laundering on the grounds it is not comprehensive enough

Audit / Audit exemption saves £4.6bn but adoption rates low

Changes to the small companies audit exemption introduced in 2015 have only been taken up by a third of eligible companies although for those early adopters savings are an estimated £4.6bn overall taking into account time and money spent on audit services and internal financial activity

Audit / ICSA and Investment Association drive to improve board engagement

Governance leaders in UK business and investment are launching a joint project to provide guidance on how the boards of the UK’s top companies can better reflect the views of their employees and other stakeholders in their decision making, with the aim of issuing voluntary guidance ahead of the outcome of a government consultation on improving governance

Accounting / US lawyer Clayton to head up SEC

President-elect Donald J Trump has nominated Jay Clayton as chairman of the US Securities and Exchange Committee (SEC), to take over from incumbent Mary Jo White

Audit / Woolf: monetary sanctions useless in isolation

Monetary punishments for the misdemeanours of banks must be supported by meaningful changes to the audit oversight and corporate governance, says Emile Woolf FCA