All the updated news related to financial reporting council

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City

Deloitte fined £1.45m by watchdog over Mitie Group audit

The accounting watchdog has fined Deloitte £1.45 million after failures in its audit of outsourcing giant Mitie Group. The Financial Reporting Council (FRC) also handed a £40,056 fine to John Charlton, who worked on the audit for the corporate ...

21 Apr 2022 at 09:25

City

Water bosses ‘should have pay scrutinised’ after rivers found to be dirty

Water bosses whose companies dump sewage in the UK’s waterways should have their bonuses reined in, the head of regulator Ofwat has said. In a letter to company boards, David Black said they need to ensure chief executives are given bonuses ...

21 Feb 2022 at 13:55

City

Audit watchdog ‘in poor state’, says candidate for chair

The Government’s candidate to lead the Financial Reporting Council (FRC) has said that the situation at the top of the regulator is in “a pretty poor state”. Businessman Sir Jan du Plessis said that he would address the governance of the ...

25 Jan 2022 at 13:55

City

PwC fined over Kier Group and Galliford Try audits

Audit giant PwC and one of its employees have been fined a combined £3.1 million for mistakes that forced construction giant Galliford Try to restate its finances by tens of millions of pounds. The two were also fined another £2.1 ...

07 Jun 2022 at 09:25

City

Hold firms signed up to sustainability code to higher standards, watchdog urged

The Financial Reporting Council (FRC) should hold firms signed up to a sustainable investment code to higher standards, campaigners have said. The reporting watchdog announced that a record number of companies are signed up to ...

31 Aug 2023 at 15:30

City

Record number of firms sign up to sustainably invest UK savers’ money

A record number of companies have pledged to sustainably invest money on behalf of UK savers and pensioners. The Financial Reporting Council (FRC) announced on Wednesday that more firms than ever before are signed up to its ...

30 Aug 2023 at 12:13

City

KPMG fined almost £1.5m over M&C Saatchi audit failures

KPMG has been fined almost £1.5 million by the UK accounting watchdog over its audit of advertising firm M&C Saatchi. The Financial Reporting Council (FRC) announced the sanctions against the big-four financial firm and ...

04 Mar 2024 at 16:32

MPs warn audit backlog threatens transparency over £100 billion spend

A huge backlog in auditing accounts across local government has increased the risk of more councils failing financially and undermined accountability for £100 billion of annual spending, MPs have warned. A report by ...

23 Jun 2023 at 00:01

City

KPMG and auditor hit with £910,000 in fines after Revolution Bars failures

Auditing giant KPMG and one of its former staff have been hit with fines totalling £910,000 after mistakes they made when checking the accounts of Revolution Bars. The Financial Reporting Council (FRC) said that ...

08 Mar 2022 at 10:25

City

PwC hit with £5.6m fine for ‘serious failures’ over Babcock audit

Accounting giant PwC has been slapped with a £5.6 million fine by the UK’s auditing regulator over serious failures in handling the accounts of defence company Babcock. The Financial Reporting Council (FRC) ...

08 Mar 2023 at 12:04

City

FRC unveils watered down changes to governance rules for company directors

Britain’s auditing watchdog has published a new set of governance rules for company directors, which have been watered down from the originally proposed changes in a bid to safeguard UK competitiveness. ...

22 Jan 2024 at 11:28

Long-awaited audit reforms in King’s Speech to help avoid big company failures

The new Labour Government will press ahead with reforms of company audits and corporate governance with plans for a more powerful watchdog under long-awaited legislation unveiled in the King’s Speech. ...

18 Jul 2024 at 09:42

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