FRC chief urges audit reform before next corporate scandal Prof Services The boss of the accountancy regulator has issued a direct warning to the government, urging them to pass audit reform legislation during “peacetime” rather than waiting for a major corporate collapse or scandal. Speaking on the latest episode of the Following the Rules podcast, Financial Reporting Council (FRC) CEO Richard Moriarty, said: “Given the thinking that’s gone [...]
Watchdog launches new probe into EY over ‘unauthorised’ audit reports Big Four The accountancy watchdog has commenced a new investigation into the Big Four firm EY and two of its members. In an announcement on Wednesday morning, the Financial Reporting Council (FRC) revealed that it has commenced an investigation into “unauthorised issuance of auditor’s reports to audited entities”. This comes after the Big Four firm informed the [...]
Confidence in audit quality surges despite knowledge gaps Prof Services Confidence in audit quality has increased but many stakeholders have reported only a partial or limited understanding of the scope of auditor responsibilities, according to new findings. A document from the Centre for Public Interest Audit (CPIA) shows that all three stakeholder groups surveyed – finance directors, equity investors and audit committee chairs – reported [...]
BDO fined £6.5m after regulator slams it for faking audit evidence November 6, 2025 Business advisory giant BDO has been slapped with a £6.5m fine after two of its former audit engagement partners made admissions of misconduct. The Financial Reporting Council (FRC) launched an investigation after receiving formal complaints about the dishonest conduct of a BDO senior manager between 2015 and 2019, including the creation of false audit evidence, [...]
Regulator fines KPMG for N Brown Group audit errors October 7, 2025 Big Four firm KPMG and a former partner have received heavy fines and formal reprimands from the accountancy regulator for serious failures in their audit of N Brown Group plc’s 2022 accounts. The Financial Reporting Council (FRC) found that KPMG and Anthony Sykes failed to meet international auditing standards, with the firm admitting to serious [...]
Shell forced to file amended US filings after EY broke audit rules July 2, 2025 Shell is to file amended regulatory filings after Big Four firm EY told the energy giant it broke audit rules
‘Stewardship shouldn’t feel like box-ticking’ – FRC chief June 3, 2025 FRC chief executive exclusively shared with City AM his main focus of overhauling its key City code was "reducing the reporting burden"
EY’s £2.7bn legal fight over NMC Health audits May 19, 2025 A mammoth legal fight against EY over its auditing of a former London-listed health giant that collapsed after allegations of fraud starts today
EY slapped with £6.5m fine over Thomas Cook audits April 10, 2025 The watchdog has fined Big Four giant EY £6.5m for its audit of the collapsed airline Thomas Cook.
KPMG: Regulator probes Big Four firm over audit of Ladbrokes-owner Entain January 20, 2025 The accountancy watchdog has kicked off an investigation into Big Four firm KPMG over its audit of gambling giant Entain