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Calls for reform of crisis-hit world of auditing

Calls for sweeping changes to the auditing sector are gathering pace. The Financial Times has been running a series called the Big Flaw that has focused on areas such as “A return to prudence: how to restore faith in accounting”  and “An illusion of choice: the conflicts that mire the audit world”. To conclude the […]

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FRC shifts focus to diversity as accountant numbers grow

Accounting’s watchdog, the Financial Reporting Council, is turning the focus of its annual report to industry trends on of diversity and inclusion. Plus it’s planning an event to nudge accountancy bodies towards highlighting the issues. The FRC’sannual Key Facts and Trends in the Accountancy Profession shows the sector’s professional bodies,such as the ICAEW, have more than […]

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Accounting rules in the line of fire

The Financial Times kicked off what promises to be a great series of articles on accounting this week with an excellent piece by Madison Marriage, titled “The big flaw: auditing in crisis“. The basic question is, with the big four dominating the scandal-hit market and big company bosses ‘making the most’ of the “fair value” […]

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AAT joins debate on future of FRC

“Toothless” and “useless” are just a couple of the words used to describe the Financial Reporting Council. In fact, the accounting industry watchdog is presently the subject of an ‘independent’ review led by former L&G chief and top Treasury official John Kingman. Conflicts of interest and handling freedom of information requests are two areas where […]

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MP presses FRC on PWC audit of BHS

More Big Four woes. MP Frank Field, chair of the work and pensions committee, wants an update from the Financial Reporting Council over its mainly unpublished but stinging report on PWC’s 2014 audit of Taveta. That’s the one that included auditors signing off Philip Green’s BHS as a “going concern” days before its sale for […]

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L&G chief leads FRC inquiry; tax goes simple(ish); Carillion clears

Another day, another Daily Insight. And yet another government inquiry! Sir John Kingman, ex-Treasury and now chairman of insurance group Legal & General, will lead a “root and branch” probe into the accounting watchdog, the FRC. At the heart of the investigation are the ways the Financial Reporting Council approaches conflicts of interests and transparency. […]

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Accounting watchdog under fire over FOI queries

The Financial Reporting Council is rarely out of the news… now the accounting watchdog is under fire for its apparent high rejection rate of freedom of information requests. According to its disclosure log (here), the FRC has answered only five of 51 queries it has had in five years. A quick glance through the log […]

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Daily Insight: Accountancy watchdog mulls audit expansion

The Financial Reporting Council is rarely out of the headlines these days… And it is now looking at broadening the scope of company audits to provide a bigger picture of a company with a “front to back” audit of its accounts and annual report. This, it believes, would appeal to shareholders and enhance their ever-dwindling […]

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