All FRC articles – Page 3
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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ArticleFRC 2022 reviews to focus on climate risks, fraud
The U.K. Financial Reporting Council will prioritize climate-related financial disclosures in company accounts and climate risks in audits as key areas of supervisory focus for 2022/23.
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ArticleFRC closes Conviviality accountant investigation; KPMG probe continues
The U.K. Financial Reporting Council announced the end of an investigation into an accountant that prepared and approved financial statements at collapsed alcohol retailer Conviviality.
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ArticleU.K. Corporate Governance Code gaps remain despite reporting improvements
U.K. companies have improved corporate reporting—particularly on environmental and social issues—despite more instances of noncompliance with the Corporate Governance Code, according to the Financial Reporting Council’s latest review.
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ArticleFRC report sets quality expectations for U.K. audit firms
The U.K. Financial Reporting Council published a blueprint for how it wants audit firms to perform to ensure they deliver high-quality audits.
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ArticleGrant Thornton UK fined for ‘skepticism failures’ in Interserve audit
Grant Thornton UK received a “severe reprimand” and reduced penalty of £718,250 (U.S. $981,000) for breaches that arose in the context of audit work on the 2015-17 financial statements of now-collapsed construction firm Interserve.
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ArticleFRC reporting review: COVID-19 disclosures lacking, new climate-related mandates
In its annual review of corporate reporting, the U.K. Financial Reporting Council found companies are struggling to provide stakeholders with enough detail about COVID-19 disruptions. The regulator also announced new requirements for climate-related disclosures.
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ArticleFRC launches probe of BDO over NMCN audit
The Financial Reporting Council announced the launch of an investigation into BDO in relation to its audit of U.K. construction and engineering company NMCN, which filed for administration earlier this month.
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ArticleKPMG rapped for ‘untruthful defense’ in Silentnight investigation
KPMG and one of its former partners were found to be “untruthful” during an independent tribunal’s investigation into the audit firm’s advisory role regarding the sale of mattress company Silentnight to private equity firm HIG Capital.