All FRC articles – Page 2
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PremiumStiffer U.K. audit penalties posing more problems?
Legal experts are unconvinced record fines against audit firms imposed last year by the U.K. Financial Reporting Council will necessarily improve audit quality.
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News Brief
FRC drops investigation into PwC’s Intu Properties audits
The U.K. Financial Reporting Council announced it closed its investigation into Big Four firm PwC’s audit work at collapsed real estate investment trust Intu Properties.
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PremiumARGA future questioned as U.K. audit reform hits backburner
The U.K. Financial Reporting Council’s long-planned transition to become the Audit, Reporting and Governance Authority appears to be taking place no time soon, leading some to question whether the change will happen at all.
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News BriefFRC proposes auditors closer scrutinize noncompliance
The U.K. Financial Reporting Council is the latest regulator to propose standard changes that would require auditors to play a larger role in detecting and reporting instances of noncompliance when reviewing company financial statements.
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News BriefFRC fines KPMG $26M for ‘damning’ Carillion audit failings
KPMG accepted the conclusions and record penalties levied against it by the U.K. Financial Reporting Council for the “exceptional” level of deficiencies found to have taken place during the Big Four audit firm’s work at collapsed construction company Carillion.
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News BriefFRC fines Mazars $92K over missed material misstatement
The U.K. Financial Reporting Council fined audit firm Mazars £72,000 (U.S. $92,000) for “wide-ranging failings” in its audit of an unnamed market traded company.
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News BriefU.K. corporate governance reforms target resilience, fraud assessment
The United Kingdom introduced for debate corporate reporting reforms that would require the country’s largest companies to set out their risk management and resilience strategies as part of required annual reporting.
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PremiumFRC 2022/23 audit inspections: Big Four steady; BDO and Mazars improve
The U.K. Financial Reporting Council noted overall improvement in annual inspection and supervision results for the largest audit firms for a fourth consecutive year as part of its latest quality review.
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News BriefPwC, KPMG fined over audit lapses at Eddie Stobart Logistics
The U.K. Financial Reporting Council separately penalized Big Four audit firms PwC and KPMG for deficiencies in their work at transport company Eddie Stobart Logistics for the financial years ended 2018 and 2017, respectively.
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News BriefFRC probing Deloitte work at retailer Joules Group
The U.K. Financial Reporting Council launched an investigation into the work of Big Four audit firm Deloitte at collapsed clothing retailer Joules Group.
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News BriefFRC: KPMG audit failings at The Works exacerbated by Covid-19
The U.K. Financial Reporting Council fined Big Four audit firm KPMG approximately £1 million (U.S. $1.2 million) for deficiencies in its work on the 2020 year-end financials of discount retailer TheWorks.co.uk.
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News BriefFRC investigating EY audits of Made.com, unnamed firm
The U.K. Financial Reporting Council announced the launch of two separate investigations regarding audits performed by Big Four firm EY, including a probe into the 2021 financials of collapsed online furniture retailer Made.com.
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News BriefFRC probing KPMG audit of Carr’s Group
The U.K. Financial Reporting Council is investigating the work of Big Four firm KPMG during a 2021 audit at agriculture and engineering services provider Carr’s Group.
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News BriefKPMG fined $1.1M for admitted deficiencies in Luceco audit
Big Four audit firm KPMG and one of its former directors were disciplined by the U.K. Financial Reporting Council regarding eight admitted breaches of relevant requirements in their fiscal year 2016 work at lighting and wiring product distributor Luceco.
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News BriefPwC fined $6.6M over Babcock International, Devonport audit breaches
The U.K. Financial Reporting Council fined Big Four firm PwC more than £5.6 million (U.S. $6.6 million) for failing to challenge management, obtain sufficient evidence, and follow basic requirements while conducting audits of a British defense contractor and its subsidiary.
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News BriefFRC probing PwC audits at collapsed property group Intu
The U.K. Financial Reporting Council launched an investigation into Big Four firm PwC’s audit work at collapsed real estate investment trust Intu Properties.
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PremiumAudit exam cheating findings spark concern of endemic trend
Recent penalties against Big Four audit firms KPMG, PwC, and EY over allegations of widespread exam cheating have raised concerns prompting regulators to investigate the extent of the practice.
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News BriefFRC probing EY audit of Veolia unit
The U.K. Financial Reporting Council launched an investigation into Big Four audit firm EY’s work at Scotland-based Stirling Water Seafield Finance.
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ArticleDeloitte fined $1.1M for SIG audit lapses
Deloitte received a penalty of £906,250 (U.S. $1.1 million) from the U.K. Financial Reporting Council for evidence failures regarding supplier rebates and cash uncovered in its 2015 and 2016 financial year audits at specialist building product distributor SIG.
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ArticleFRC probing Mazars audit of Studio Retail Group
The U.K. Financial Reporting Council announced it opened an investigation into accounting firm Mazars regarding its audit of financial statements at Studio Retail Group.