PCAOB launches consultation on misleading registration statements
Audit and assurance | 27 February 2024
The Public Company Accounting Oversight Board (PCAOB) has issued for public comment a proposal for a new Rule, Rule 2400, False or Misleading Statements Concerning PCAOB Registration and Oversight. If adopted, the rule would prohibit false or misleading statements regarding firms’ registration status to clients, potential clients, or the public. The deadline for comments is 12 April 2024.
FRC undertakes review of the UK Stewardship Code 2020
Financial Reporting | 27 February 2024
The Financial Reporting Council (FRC) has launched a review of the UK Stewardship Code 2020 following the publication of the revised Corporate Governance Code earlier this year. The review aims to ascertain whether the Code supports growth and the UK’s competitiveness. The review will take place in three phases with a revised Code expected in early 2025.
Study shows growing maturity of sustainability reporting and assurance practices
Financial Reporting & Audit and Assurance | 22 February 2024
The International Federation of Accountants (IFAC), American Institute of Certified Public Accountants (AICPA) and Chartered Institute of Management Accountants (CIMA) have released an updated report showing that the largest global companies are reporting more comprehensively in their sustainability disclosures and are obtaining a greater scope of assurance thereon.
FRC announces successful signatories to the UK Stewardship Code
Financial Reporting | 21 February 2024
The Financial Reporting Council (FRC) has revealed that there are now 273 signatories to the UK Stewardship Code, representing £43.3 trillion assets.
IAASB launches consultation on revisions to the auditing standard on fraud
Audit and Assurance | 6 February 2024
The International Auditing and Assurance Standards Board (IAASB) has opened for public comment an Exposure Draft setting out its proposed revisions to International Standard on Auditing 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. The proposals aim to enhance professional scepticism, clarify the auditor’s responsibilities, and increase transparency in the auditor’s report. The deadline for comments is 5 June 2024.
IAF and IESBA to work together to support growth of quality sustainability disclosures
Ethics | 5 February 2024
The International Accreditation Forum (IAF) and the International Ethics Standards Board for Accountants (IESBA) have entered into a partnership to advance the use of a common framework of high standards of ethical conduct to underpin trust in the assurance of sustainability information.
FRC takes systemic look at barriers to competition in UK audit market
Audit and Assurance | 1 February 2024
The Financial Reporting Council (FRC) has summarised its key findings from research conducted into barriers to entry and growth faced by UK audit firms. The report highlights capacity constraints, recruitment and retention challenges as well as regulatory challenges as the main obstacles for smaller firms looking to expand their presence.