Audit watchdog’s new powers signal shift February 15, 2016 The Financial Reporting Council (FRC) is still dealing with the fallout from the financial crisis. The accountancy regulator has attracted criticism recently for its decision not to investigate KPMG over its role in the collapse of banking giant HBOS in 2008. Chief executive Stephen Haddrill is in the middle of drafting a response to the chairman [...]
Firms must state Brexit risk audit regulator warns, as earnings season approaches February 8, 2016 Companies are being warned to include the cost of the UK quitting the European Union in their financial statements by the accounting regulator the Financial Reporting Council (FRC). Earnings season is gearing up in the UK, with most of the FTSE 100 blue chip firms set to publish their fourth quarter and full year results [...]
MPs turn up the heat on FRC over KPMG enquiry February 3, 2016 Influential MP and chairman of the Treasury select committee (TSC) Andrew Tyrie has increased the pressure on the accountancy watchdog over its supervision of big four auditor KPMG’s role in the collapse of HBOS. Last month the Financial Reporting Council said it would look into whether to open an investigation against KPMG, having previously decided not [...]
FCA and PRA confirm they will investigate former HBOS senior managers January 28, 2016 The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have confirmed they will start investigations into "certain former HBOS senior managers", after the bank collapsed in 2008. The news comes just over two months after a landmark report recommended the regulators re-assess their decision not to launch criminal proceedings against former HBOS bosses, including [...]
Financial Reporting Council confirms plans to investigate KPMG over Hbos handling January 21, 2016 The Financial Reporting Council (FRC) has confirmed plans to launch an investigation into KPMG and its handling of Hbos’ accounts today. In a statement this morning, the regulator said it had asked its executive counsel to undertake preliminary enquiries under the accountancy scheme, the disciplinary scheme for members of the accounting profession. The FRC will examine [...]
Accounting watchdog meeting to decide on KPMG investigation into the auditor’s role over HBOS collapse January 18, 2016 The accountancy watchdog could decide as soon as tomorrow whether to launch a formal investigation into the role of big four accountancy giant KPMG in the collapse of HBOS in 2008. The Financial Reporting Council’s (FRC) conduct committee is set to meet tomorrow to make its decision, Sky News has reported. The conduct committee will [...]
Corporate governance standards among UK companies stay high, as regulator says its code will not be substantially amended for the next three years January 14, 2016 The overall quality of corporate governance among UK companies remains high, as the regulator vows not to make any major changes to its code for the next three years. According to a report published today by the Financial Reporting Council (FRC), 90 per cent of FTSE 350 companies are complying with all but one or [...]
Grant Thornton subject of Financial Reporting Council investigation over its audit of Globo’s accounts December 21, 2015 The Financial Reporting Council (FRC) has today revealed that it is launching an investigation into accountancy firm Grant Thornton regarding its audit of the accounts of Globo for the years ended December 2013 and 2014. The technology company announced in October that its former chief executive had alerted the board to misrepresentations of the company's financial situation. [...]
Accounting watchdog scrutinising KPMG over HBOS failures December 17, 2015 The accounting industry regulator, the Financial Reporting Council (FRC), is reviewing whether to investigate big four accountant KPMG over its role in the collapse of HBOS. The bank was given a clean bill of health in an audit by KPMG shortly before needing to bailed out by the government and Lloyds TSB in 2008. The [...]
MPs pile pressure on the accounting watchdog and KPMG over HBOS failures December 15, 2015 An influential group of MPs have renewed calls for the accounting industry watchdog to investigate KPMG’s role in the collapse of HBOS. Steve Baker MP, a member of the Treasury select committee, called the auditing of banks by accountancy firms around 2008 “the great uncovered scandal of the financial crisis”. In last month’s report into [...]