Auditors in UK Law
Ban on 'big four' auditors clauses comes into effect
As of 17 June 2016, any term in a contract which has the effect of restricting any audited person's choice of statutory auditor to certain categories or lists of statutory auditors will have no eff...
UK Regulators Focus on Role of Auditors
The UK Financial Services Authority (FSA) and the UK Financial Reporting Council (FRC) issued a discussion paper on June 24 which considers ways of enhancing auditors’ contribution to regulation....
UK FRC enhances fraud-spotting standards for auditors
On 27 May 2021, the Financial Reporting Council (FRC) published a revised version of its auditing standard on the responsibilities of auditors in relation to fraud. The revisions set out more strin...
Competition Commission stops short of requiring Mandatory Rotation of Auditors
As part of its ongoing investigation into the UK audit services market, the Competition Commission ("CC") has provisionally decided on a package of remedies that will require FTSE 350 com...
ISS Proposes Changes to Benchmark Policy Regarding Auditors
The Institutional Shareholder Services (ISS) has stated that recent high-profile corporate failures and accounting scandals have raised investors’ concerns about the efficacy of financial statement...
FSA and FRC Publish Feedback on the Role of Auditors
On March 10, the UK Financial Services Authority (FSA) and the Financial Reporting Council (FRC) published a joint feedback statement, Enhancing the auditor's contribution to prudential regulation ...
Alert: UK Financial Reporting Season:UK Financial Reporting Council Publishes Guidance for Auditors on Audit Issues
On 16 March 2020, the UK Financial Reporting Council (FRC) issued updated guidance for auditors which may be facing practical difficulties in carrying out audits as a result of the COVID-19 pandemic.
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