Corporate reporting

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 / 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 / FRC calls for effective use of data analytics in audit

UK audit firms are at the forefront of developing and using data analytic techniques which have the potential to improve audit quality, but need to adopt a more structured approach to deployment to ensure they are effective, according to a review carried out by the Financial Reporting Council (FRC)

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 / 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 / Audit updates: Jan 2017

In our monthly roundup of developments in audit and governance, Legal & General ends 31-year PwC term, Sports Direct probe launched, GSK moves £20m audit to Deloitte

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

Audit / NAO slates lack of transparency in DfE academy accounting

The Department for Education (DfE) has been criticised for the  ‘truth and fairness’ over the reporting of academy finances in the  year end accounts for 2015-16 as well as a £291m overspend over building projects, reports Sara White

Audit / PwC and ex RSM Tenon chief rapped over Group audit

The accounting regulator has fined the former CEO of the liquidated RSM Tenon Group and issued a formal disciplinary complaint against the firm’s auditor, PwC over the audit of the accounting firm, and its former finance director in relation to the preparation, approval and audit of the financial statements for the year ended 30 June 2011