All FRC articles – Page 3
-
ArticleClarity lacking in tribunal report on KPMG’s Carillion, Regenersis failings
The release of the independent tribunal report into the misconduct of KPMG and five of its former employees for falsifying information in the audits of Carillion and Regenersis provides further details about how the work was doctored—but not why.
-
ArticleFRC: 12 best practices for better ESG data collection
The U.K. Financial Reporting Council released guidance on how companies can collect and use environmental, social, and governance data to inform better decision-making.
-
ArticlePwC fined $2.1M for audit failures regarding BT Group fraud disclosures
PwC will pay a reduced fine of 1.75 million pounds (U.S. $2.1 million) as part of sanctions against the Big Four firm for failures in its fiscal year 2017 audit at BT Group after the U.K. telecommunications company adjusted its financials to reflect a fraud scandal in Italy.
-
ArticleFRC finalizes $17.4M fine against KPMG for Carillion, Regenersis dishonesty
KPMG was fined £14.4 million (U.S. $17.4 million) and severely reprimanded for providing false and misleading information relating to its audits of construction company Carillion and software business Regenersis.
-
ArticleFRC 2021/22 audit inspections: KPMG praised; BDO and Mazars rebuked
Improvements at KPMG resulted in each of the Big Four returning no audits requiring significant improvement during an inspection cycle for the first time in the last five years, according to the U.K. Financial Reporting Council’s latest quality review results.
-
ArticleGrant Thornton UK to pay $1.6M over Sports Direct audit failings
Grant Thornton UK was fined a total of approximately £1.3 million (U.S. $1.6 million) by the Financial Reporting Council for failing to provide reasonable assurance during two separate audits at retailer Sports Direct International.
-
ArticleTepid reception to ‘half-hearted’ U.K. audit reform measures
The U.K. government’s confirmed plans to shake up the audit market and improve corporate governance for the country’s biggest companies has received mixed response, with some key stakeholders lamenting “missed” opportunities.
-
ArticlePwC fined $6.2M over Galliford Try, Kier Group audit lapses
PwC will pay a total of nearly £5 million (U.S. $6.2 million) as part of a pair of enforcement actions announced by the U.K. Financial Reporting Council regarding deficiencies in the Big Four firm’s audits at construction companies Galliford Try and Kier Group.
-
ArticleKPMG fined $4.3M for undocumented red flags in Rolls-Royce corruption case
The U.K. Financial Reporting Council announced a reduced penalty of approximately £3.4 million (U.S. $4.3 million) against KPMG for failures in its 2010 audit of car maker Rolls-Royce.
-
ArticleKPMG facing $17.6M fine following Carillion tribunal
KPMG is set to pay a reduced fine of £14.4 million (U.S. $17.6 million) from the U.K. Financial Reporting Council over its botched audits at collapsed construction company Carillion and software firm Regenersis.
-
ArticleFRC report findings suggest overhaul needed for Modern Slavery Act
The U.K. Modern Slavery Act has often been described as “world leading,” yet companies are still failing to meet requirements by providing a statement outlining what they are doing to prevent modern slavery in their businesses and supply chains.
-
ArticleDeloitte to pay $1.8M for goodwill testing failures in Mitie Group audit
The U.K. Financial Reporting Council announced a reduced penalty of 1.45 million pounds (U.S. $1.8 million) against Deloitte regarding goodwill testing failures during its audit of facility management company Mitie Group for fiscal year 2016.
-
ArticleFRC probing Deloitte over Go-Ahead audits
The U.K. Financial Reporting Council has launched an investigation into Deloitte regarding its audits performed at passenger transport company Go-Ahead Group.
-
ArticleReported SEC probe of Big Four taking page from U.K. breakup plans?
The Securities and Exchange Commission is reportedly investigating whether large audit firm consulting services affect auditor independence. Any action taken might mirror the United Kingdom’s ongoing actions to break up the Big Four’s dominance.
-
ArticleKPMG fined $1.15M for Revolution Bars Group audit failings
The U.K. Financial Reporting Council announced a reduced fine of 875,000 pounds (U.S. $1.15 million) against KPMG for audit failings in its work at bar chain Revolution Bars Group for the fiscal years ended 2015 and 2016.
-
ArticleThree lingering questions to arise from KPMG tribunal over Carillion, Regenersis
Details to emerge from the disciplinary tribunal regarding KPMG’s conduct during its work at Carillion and Regenersis could have ramifications for the Big Four firm, the audit profession more widely, and potential future regulation and monitoring.
-
ArticleFRC to reinvigorate enforcement efforts ahead of transition to ARGA
The U.K. Financial Reporting Council expects to receive greater staffing and resources to ramp up the number of investigations it carries out over 2022 as it prepares to make way for a new regulator next year.
-
ArticleBumps in road expected as U.K. strives to be climate risk leader
The United Kingdom has paved the way for companies to report on the future financial impact of climate risks, but the process is far from easy and rates of noncompliance—at least initially—could be high.
-
ArticleKPMG fined $4.1M for Conviviality audit failings, reaches settlement regarding Regenersis
The U.K. Financial Reporting Council announced sanctions against KPMG regarding its audits at now-collapsed alcohol retailer Conviviality, in addition to a settlement with the Big Four firm concerning its work at software company Regenersis.
-
Article
FRC expands probe of PwC’s Babcock International audits
The U.K. Financial Reporting Council has expanded its investigation into PwC over its statutory audits of British defense contractor Babcock International Group to include the fiscal years ended March 31, 2019, and March 31, 2020.