Accountants back report by regulators June 30, 2010 ACCOUNTANTS say they are willing to consider whether the current audit model needs to evolve to meet changing market needs, following a recent report by the Financial Services Authority (FSA) saying that the profession had not been sceptical enough about the financial firms it audited in the run up to the banking crisis. The City [...]
AUDITOR VIEWS: WHAT IS YOUR REACTION TO THE JOINT FSA AND FRC REPORT ON THE ROLE OF THE AUDITOR? June 30, 2010 GRAHAM CLAYWORTH | BDO We welcome the healthy contribution to the debate. What does need to happen is for auditors, regulators, corporates and investment bodies to sit down and say ‘how do we go forward?’ and this is why I think this report is helpful. RICHARD SEXTON | PRICEWATERHOUSECOOPERS The audit is critical to the [...]
E&Y is probed over Lehmans June 15, 2010 A FULL-blown investigation into the conduct of Ernst & Young (E&Y) as auditors to fallen bank Lehman Brothers has been launched by the Accountancy and Actuarial Discipline Board (AADB). The independent body, which sits under the Financial Reporting Council (FRC), said that it has started investigating the conduct of E&Y in “the preparation and audits [...]
Directors must be re-elected annually, says new FRC code May 27, 2010 THE CITY has widely welcomed new corporate governance rules set out by the Financial Reporting Council (FRC). Replacing the former Combined Code, the FRC is introducing the new UK Corporate Governance Code in a bid to make companies more accountable to their shareholders. Among the changes are recommendations that all directors at FTSE 350 companies [...]
Principles and not rules are the way to encourage business to be ethical May 26, 2010 TOMORROW, the Financial Reporting Council will announce the first part of its new code of conduct for corporate governance. It is a welcome step towards ensuring that businesses behave in a responsible way, but more is needed. It has been striking in recent times that the public and policymakers have blamed business’s failures on ethical [...]
ABI director quits for FRC April 21, 2010 THE Association of British Insurers (ABI)’s director of investment affairs is to stand down after a decade at the institution. Peter Montagnon will take up a new role as senior investment adviser to the Financial Reporting Council (FRC). Montagnon said: “After nearly a decade in this role, now is the right time to take up [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 15, 2010 FINANCIAL TIMES INVESTORS RAISE FEARS ON “STEWARDSHIP CODE” As the Financial Reporting Council prepares to issue a shareholders’ best practice code, industry groups and institutional investors say they are worried it will become another list of boxes to tick. The FRC’s consultation on the world’s first official “stewardship code” closes on Friday and it expects [...]
E&Y set to be quizzed over Lehman role March 15, 2010 ERNST & Young (E&Y) has said it will co-operate fully with the Financial Reporting Council (FRC) after it was asked to hand over audit information in relation to Lehman Brothers in the UK. The professional services firm was asked yesterday by the FRC to hand over any audit information regarding Lehman Brothers so it could [...]
CHAIRMEN FACING ANNUAL ELECTION November 30, 2009 COMPANY chairmen could face annual re-election under wide-ranging new proposals on corporate governance published today. The consultation by the Financial Reporting Council (FRC), chaired by Sir Christopher Hogg, also suggested external assessments of boards’ performance every three years. The guidelines are the latest attempt to reform the Combined Code and overhaul boardroom accountability in the [...]
WALKER REVIEW: ALL THE POINTS AT A GLANCE November 25, 2009 BOARD SIZE, COMPOSITION AND QUALIFICATION 1. Non-executive directors at banks or other financial institutions will need to go on training programmes.2. The board should provide non-execs with extra support on appropriate issues as and when needed. 3. Non-execs at a FTSE 100-listed bank or life assurance company should give more time to their roles. Several [...]