• Register
Return to: Home > News > Regulation > FTSE 350 audit quality levels on the rise in UK FRC annual report

FTSE 350 audit quality levels on the rise in UK FRC annual report

The UK Financial Reporting Council (FRC) has released its 2016/2017 annual report highlighting the regulators projects and actions taken.

The FRC had intended to establish its role as a Competent Authority, which it achieved in June 2016, as well as establishing the regulatory framework for the role.

The established Audit Quality Review found that 81% of FTSE 350 audits required no more than limited improvements, the FRC aims for this to be 90% by 2019. Another key priority for the same year was to influence the development of IFRS which was achieved by endorsing standards within the EU such as IFRS 15 and IFRS 9.

The FRC also published its report Corporate Culture and the Role of The Board, to revise technical actuarial standards and to make improvements to resolve enforcement cases more quickly. Changes in the external environment led to the creation of Stakeholder Panels to debate corporate governance and review the consequences of exiting the EU.

FRC chairman Win Bischoff said: “Public confidence in business depends not just on regulations and codes but on companies being held to account if they transgress.  This year the FRC has concluded a number of substantial audit enforcement cases, and improved the speed of enforcement action.  However, there are gaps in our enforcement powers, particularly in relation to our ability to take action against directors who are not accountants.”

Top Content

    Addressing tax challenges and the digitisation of the economy

    As the economy becomes even more globalised through digital sources, the tax systems currently in place need to be scrutinised to examine whether they are still fit for current and emerging business models. Joe Pickard reports on the OECD’s approach to this issue.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.